During a Panel Discussion at Dubai Arbitration Week: Sharjah International Commercial Arbitration (Tahkeem) Highlights the Best Practices in Insolvency and Arbitration 

 The session, titled "The Insolvency and Arbitration," aimed to highlight the best practices in insolvency and arbitration. Additionally, it sought to introduce the services provided by the centre in line with international arbitration standards.

The session began with an opening speech delivered by Dr Asma Al Rasheed - Executive Committee Member at Sharjah International Commercial Arbitration Centre. During her address, she outlined the role of the centre, the services it provides, and the procedures followed in handling arbitration cases across various sectors. She emphasised the centre’s mission to offer innovative and sustainable international commercial arbitration services, based on the optimal investment of talents and available resources, aiming to enhance the economic stability of the business community. The centre aims to provide added value to the business community in the Emirate of Sharjah and the entire state.

Moderated by Mr Nassif BouMalhab member of TAHKEEM’s Executive Committee and the Lead Partner of Clyde & Co’s Middle East Arbitration Group, the session explored bankruptcy law in the UAE for individuals and companies. The session also included Ms Nicola Jackson, Legal Director, Clyde & Co, Mohieeldin Elbanna, founder and CEO of Qaf Legal, Mr Robert A Silwiski- Chartered Arbitrator and Chair of CIArb UAE branch.

The participants discussed bankruptcy procedures and how arbitration can be used in these cases. Bankruptcy is considered a complex and contemporary issue in UAE law, as bankruptcy rules mandate that all claims related to the debtor must be considered, examined, and resolved through a single entity, which is the court.

The participants in the session discussed how arbitration can intervene in bankruptcy cases when parties have arbitration agreements. They explored whether parties can resort to arbitration and whether they are obligated to file their claims according to bankruptcy law. The session also delved into international bankruptcy laws, rules, and regulations, and how arbitration bodies can address claims involving bankruptcy, whether related to bankruptcy declaration or restructuring.

The session witnessed a discussion on the Cabinet's decisions regarding bankruptcy and insolvency laws from Federal Law Articles No. 4 of 2018, No. 23 of 2019, and No. 21 of 2020. Additionally, Cabinet Decision No. 5 of 2021, No. 35 of 2021, and No. 47 of 2021 were addressed. The major changes since the issuance of bankruptcy and insolvency laws were highlighted, noting several developments in the processes and applicable procedures currently facing some reluctance from certain courts to approve bankruptcy and insolvency requests, especially in cases of incomplete documentation.

At the conclusion of the session, the floor was opened for attendees to pose questions to the participating session team regarding the arbitration law and the rules of the 'Arbitration' centre. Several issues related to the session's focus were discussed.