The Abu Dhabi Global Market has introduced an enhanced legislative insolvency practitioner framework as part of efforts to align with international standards.
The enhancements came after a series of consultation rounds with industry experts earlier this year, the ADGM said on Tuesday.
The upgraded framework will permit an increased number of insolvency practitioners to be active within the financial free zone and also improve the role of the ADGM Registration Authority in monitoring and regulating their activities, it said.
It also aims to provide greater protection for insolvent parties and creditors.
“ADGM places great importance and efforts on maintaining a robust regulatory framework applicable to financial institutions and other individual practitioners,” Dhaher Al Muhairi, chief executive of the ADGM Registration Authority, said.
The new enhancements will help to foster and maintain “financial stability and momentum”, he said.
The ADGM Registration Authority monitors and enforces the regulatory framework for the more than 5,000 registered businesses and their advisers within the financial centre.
It governs the entire Al Maryah Island, which is designated as the financial free zone of Abu Dhabi.
The ADGM expanded its global footprint in the past year, resulting in a 17 per cent increase in the number of licences issued in 2021. It is also introducing a number of new initiatives to boost its growth, align with international regulatory standards and attract more companies to the capital’s financial centre.
Under its previous framework, insolvency practitioners were obligated to obtain a licence, which includes having a registered office address within the ADGM.
The new rules replace this requirement and allow eligible people to follow a registration mandate in the insolvency practitioners’ register, the financial free zone said.
There is also no annual renewal requirement, although a registered practitioner must provide the registrar with an annual confirmation statement, “confirming details of any appointments under the insolvency regulations 2022 and compliance with the insolvency practitioner rules”.
“This would significantly reduce the administrative burden on insolvency practitioners who want to be registered within ADGM and would encourage an increase in the number of registered practitioners,” the ADGM said.
Registration requirements under the new framework include being in continued employment with, or a member, director, or partner of a firm or body corporate registered within or outside the ADGM; holding a membership with a recognised professional body; and providing evidence of insolvency experience.
Practitioners are also required to obtain a security bond before any appointment under the insolvency regulations, with an exemption for those appointed as a liquidator.
“We continue to focus on bolstering ADGM’s position as a vibrant and sustainable business community with such enhancements and initiatives,” Mr Al Muhairi said.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
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- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
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- Disruption Lab and Research Centre for developing entrepreneurial skills
Killing of Qassem Suleimani
Killing of Qassem Suleimani
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THE BIO
Born: Mukalla, Yemen, 1979
Education: UAE University, Al Ain
Family: Married with two daughters: Asayel, 7, and Sara, 6
Favourite piece of music: Horse Dance by Naseer Shamma
Favourite book: Science and geology
Favourite place to travel to: Washington DC
Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.
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Terminal High Altitude Area Defense (THAAD)
What is THAAD?
It is considered to be the US' most superior missile defence system.
Production:
It was first created in 2008.
Speed:
THAAD missiles can travel at over Mach 8, so fast that it is hypersonic.
Abilities:
THAAD is designed to take out projectiles, namely ballistic missiles, as they are on their downward trajectory towards their target, otherwise known as the "terminal phase".
Purpose:
To protect high-value strategic sites, such as airfields or population centres.
Range:
THAAD can target projectiles both inside and outside of the Earth's atmosphere, at an altitude of 93 miles above the Earth's surface.
Creators:
Lockheed Martin was originally granted the contract to develop the system in 1992. Defence company Raytheon sub-contracts to develop other major parts of the system, such as ground-based radar.
UAE and THAAD:
In 2011, the UAE became the first country outside of the US to buy two THAAD missile defence systems. It then deployed them in 2016, becoming the first Gulf country to do so.
Zayed Sustainability Prize
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
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On sale: Later in 2025 or early 2026, depending on region
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WISH
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The specs: 2018 Ducati SuperSport S
Price, base / as tested: Dh74,900 / Dh85,900
Engine: 937cc
Transmission: Six-speed gearbox
Power: 110hp @ 9,000rpm
Torque: 93Nm @ 6,500rpm
Fuel economy, combined: 5.9L / 100km
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Company name: baraka
Started: July 2020
Founders: Feras Jalbout and Kunal Taneja
Based: Dubai and Bahrain
Sector: FinTech
Initial investment: $150,000
Current staff: 12
Stage: Pre-seed capital raising of $1 million
Investors: Class 5 Global, FJ Labs, IMO Ventures, The Community Fund, VentureSouq, Fox Ventures, Dr Abdulla Elyas (private investment)
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
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