Regulatory Alerts2022-06-08
Insolvency Regulations (Insolvency Practitioner) Rules 2022
The Registrar of the Abu Dhabi Global Market issues these Rules to establish a mandatory registration framework for natural persons acting as insolvency practitioners within the jurisdiction. The regulations mandate that practitioners satisfy specific criteria, including professional indemnity insurance, security bonding, and adherence to ethical principles, while maintaining a public register of their details and activities. Furthermore, the document outlines continuing obligations such as annual returns, record-keeping, and the Registrar's powers to suspend or cancel registration for non-compliance.
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