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DIFC Court seeks opinion on new rules

Dubai, December 25, 2008

The Dubai International Financial Centre (DIFC) Courts said it has posted new additions to the ‘Rules of the DIFC Courts’ for public consultation and has also sought comments from the public on the issue.

The additions to the rules include Part 43,  focused on Arbitration, and Part 53, focused on the Small Claims Tribunal (SCT), both created in accordance with Article 31 of the DIFC Law No. 10 of 2004 (Court Law), a staement form the DIFC Courts said.

Both new parts have been posted on the DIFC Courts website, www.difccourts.ae, for a 30-day public consultation period from December 19 to 18 January, 2009. The public are invited to comment on the additions to the rules during this period.

Part 43 of the rules sets out the procedures relating to claims arising from Arbitrations conducted in the DIFC LCIA Arbitration Centre. This will involve the general powers of a supervisory court, including interim applications as well as enforcement and ratification of arbitration awards.

Part 53 of the rules deals with the process of opening claims, in the unique fast-track Small Claims Tribunal, created for claims involving amounts of up to Dh100, 000 ($27,225).

Sir Anthony Evans, chief justice of the DIFC Courts said the rules of the DIFC Courts are intended to incorporate global best practices.

"The new additions reflect the formation of the DIFC/LCIA Arbitration Centre and of the Small Claims Tribunal which already represents an important part of the jurisdiction of the DIFC Courts."

"The rules will constantly evolve according to needs of companies in the financial district and as part of our efforts to create the most independent, fair, transparent and efficient judicial system possible."

The ‘Rules of the DIFC Courts’ provide procedural rules for claims brought up before the Small Claims Tribunal, the Court of First Instance and the Court of Appeal.

They were created following extensive consultation and review of international best practices and are modelled on English Civil Procedure Rules (CPR) and the English Admiralty and Commercial Court Guide, 6th Edition.

The DIFC Courts guarantee the highest standards of legal procedure and the certainty, flexibility and efficiency expected by global institutions.

Headed by eminent judges who have varied and extensive experience in different common and civil law jurisdictions around the world, the DIFC Courts have been designed to exercise a wide civil and commercial jurisdiction including complex cases arising out of sophisticated financial transactions.-TradeArabia News Service




Tags: New rules | DIFC Courts |

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