An Innovative Matrix for Dispute Resolution: The Dubai World Tribunal and the Global Insolvency Crisis

52 Pages Posted: 22 Sep 2016 Last revised: 5 Apr 2017

See all articles by Jayanth K. Krishnan

Jayanth K. Krishnan

Indiana University Maurer School of Law

Harold Koster

Erasmus University Rotterdam; University of Dubai; Government of the Netherlands - Court of Appeal

Date Written: September 21, 2016

Abstract

This study examines a legal experiment that occurred during the height of the global financial crisis. As markets from the United States to Europe to the Global South shook, one country – the United Arab Emirates – found itself on the brink of economic collapse. In particular, in 2009 the U.A.E’s Emirate of Dubai was contemplating defaulting on $60 billion of debt it had amassed. Recognizing that such a default would have cataclysmic reverberations across the globe, Dubai’s governmental leaders turned to a small group of foreign lawyers, judges, accountants, and business consultants for assistance. Working in a coordinated fashion, these external and internal actors soon imported into the Emirate a new regime of insolvency laws – and even an Anglo-American insolvency court – to help resolve Dubai’s financial troubles. Drawing upon elite theory scholarship, as well as on primary and secondary sources of data, this study argues that traditional ways of analyzing foreign influences on a domestic landscape need to be refined and further nuanced so as to take into account such important comparative cases as Dubai.

Keywords: Dubai World Tribunal, Insolvency

Suggested Citation

Krishnan, Jayanth K. and Koster, Harold, An Innovative Matrix for Dispute Resolution: The Dubai World Tribunal and the Global Insolvency Crisis (September 21, 2016). Journal of Dispute Resolution, No. 2, 2016; Indiana Legal Studies Research Paper No. 358. Available at SSRN: https://ssrn.com/abstract=2841894

Jayanth K. Krishnan (Contact Author)

Indiana University Maurer School of Law ( email )

211 S. Indiana Avenue
Bloomington, IN 47405
United States

Harold Koster

Erasmus University Rotterdam ( email )

3000 DR Rotterdam
Netherlands

University of Dubai ( email )

AL MAKTOOM STREET
Dubai, 14143
United Arab Emirates

Government of the Netherlands - Court of Appeal ( email )

Amsterdam
Netherlands

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