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ADGM Regulations · Abu Dhabi Global Market

Insolvency Regulations 2022

A reference record of Insolvency Regulations 2022, drawn from the instrument's own official text. It sets out how the law is organised — its Parts, its section count and its length — and links to the text itself. It does not interpret the law or offer advice on it.

Where this instrument arises in our work: Insolvency & Restructuring

At a glance

CitationInsolvency Regulations 2022
Instrument typeADGM Regulations
Enacted2022
JurisdictionAbu Dhabi Global Market
Parts12
Numbered sections310
Chapters13

How Insolvency Regulations 2022 is organised

The 12 Parts below are the instrument's own divisions, in the order the official text sets them out.

PartHeading
Part 1Administration
Part 2Receivership
Part 3Winding-Up
Part 4Protection Of Assets In Liquidation And Administration
Part 5Application Of Insolvency Law To Authorised Participants And Other Entities
Part 6Cross-Border Insolvency
Part 7Financial Markets And Netting
Part 8Contraventions And Fines
Part 9Insolvency Practitioners
Part 10Dissolution
Part 11General
Part 12Confirmation Of Application Of The Cape Town Convention And Aircraft Protocol

What Insolvency Regulations 2022 covers, section by section

The 310 section headings below are the instrument's own, reproduced in its order. They are a map of the law, not a summary of it — for the wording of any article, read the official text.

  1. Administration
  2. Purpose of administration
  3. Administrator
  4. Status of administrators
  5. General restrictions
  6. Administration order
  7. Conditions for making order
  8. Administration application
  9. Witness statement in support of administration application
  10. Form of administration application
  11. Content of administration application and witness statement
  12. Filing of administration application
  13. Service of administration application
  14. Notice to officers charged with execution of writs or other process
  15. Manner in which service to be effected
  16. Proof of service
  17. Powers of Court
  18. The hearing
  19. Notice of administration order
  20. Power to appoint
  21. Restrictions on power to appoint
  22. Notice of appointment
  23. Notice of intention to appoint
  24. Notice of appointment
  25. Commencement of appointment
  26. Appointment taking place out of Court business hours
  27. Invalid appointment: indemnity
  28. Power to appoint
  29. Restrictions on power to appoint
  30. Notice of intention to appoint
  31. Notice of an intention to appoint
  32. Notice of appointment
  33. Notice of appointment under Section 29
  34. Commencement of appointment
  35. Invalid appointment: indemnity
  36. Application by holder of qualifying charge
  37. Intervention by holder of qualifying charge
  38. Application where Company in liquidation
  39. Application where Company in liquidation
  40. Effect of administrative receivership
  41. Dismissal of pending winding-up petition
  42. Dismissal of administrative or other receiver
  43. Moratorium on Insolvency Proceedings
  44. Moratorium on other legal process
  45. Interim moratorium
  46. Publicity
  47. Announcement of administrator's appointment
  48. Notification and advertisement of administrator's appointment
  49. Notice requiring Statement of Affairs
  50. Statement of Company's affairs
  51. Verification and filing
  52. Limited disclosure
  53. Release from duty to submit Statement of Affairs; extension of time
  54. Expense of Statement of Affairs
  55. Administrator's proposals
  56. Administrator's statement of proposals
  57. Limited disclosure of statement of proposals
  58. Creditors' meetings
  59. Creditors' meetings generally
  60. Requirement for initial creditors' meeting
  61. Meeting requisitioned by creditors
  62. Correspondence
  63. Business and result of initial creditors' meeting
  64. Revision of administrator's proposals
  65. Contents of the administrator's revised proposals
  66. Failure to obtain approval of administrator's proposals
  67. Notice to creditors
  68. Reports to creditors
  69. Creditors' request for further information
  70. Further creditors' meetings
  71. Creditors' committee
  72. Effect of creditors' resolution
  73. Execution of Deed of Company Arrangement
  74. Creditor etc. not to act inconsistently with deed before its execution
  75. Effect of Deed of Company Arrangement on creditors
  76. Giving priority to preferential creditors
  77. Protection of Company's property
  78. Court may limit rights
  79. Effect of Deed of Company Arrangement on Company, officers and members
  80. Transfer of shares
  81. Extent of release of Company's debts
  82. Guarantees and indemnities
  83. Variation of Deed of Company Arrangement by creditors
  84. Court may cancel variation
  85. When Deed of Company Arrangement terminates
  86. When creditors may terminate Deed of Company Arrangement
  87. When Court may terminate Deed of Company Arrangement
  88. Creditors may terminate Deed of Company Arrangement and resolve that Company be wound up
  89. Meeting of creditors to consider variation or termination
  90. Notice of termination of Deed of Company Arrangement
  91. When Court may void or validate Deed of Company Arrangement
  92. Effect of termination or avoidance
  93. Deed progress reports
  94. General powers
  95. Distribution
  96. General duties
  97. Administrator as agent of Company
  98. Charged property: floating charge
  99. Charged property
  100. Hire-purchase property
  101. Disposal of charged property
  102. Protection for secured or preferential creditor
  103. Debts of insolvent Company to rank equally
  104. Challenge to administrator's conduct
  105. Misfeasance
  106. Expenses of the administration
  107. Pre-administration costs
  108. Fixing of an administrator's remuneration
  109. Automatic end of administration
  110. Final progress reports
  111. Notice of automatic end of administration
  112. Court ending administration on application of administrator
  113. Application to Court by administrator
  114. Termination of administration where objective achieved
  115. Court ending administration on application of creditor
  116. Application to Court by creditor
  117. Application for extension of administration
  118. Time of end of administration
  119. Notification by administrator of Court order
  120. Public interest winding-up
  121. Moving to creditors' voluntary liquidation
  122. Moving to creditors' voluntary liquidation
  123. Moving from administration to dissolution
  124. Moving from administration to dissolution
  125. Discharge of administration order where administration ends
  126. Notice to registrar where administration ends
  127. Resignation of administrator
  128. Grounds for resignation
  129. Notice of intention to resign
  130. Notice of resignation
  131. Removal of administrator from office
  132. Application to Court to remove administrator from office
  133. Administrator ceasing to be registered
  134. Notice of vacation of office when administrator ceases to be registered to act
  135. Administrator deceased
  136. Supplying vacancy in office of administrator
  137. Application to replace
  138. Notification and advertisement of replacement administrator
  139. Substitution of administrator: competing qualifying charge-holder
  140. Substitution of administrator appointed by Company or Directors: creditors' meeting
  141. Vacation of office: discharge from liability
  142. Vacation of office: charges and liabilities
  143. Administrator's duties on vacating office
  144. Joint administrators
  145. Concurrent administrators
  146. Joint and concurrent administrators
  147. Notification and advertisement of joint administrator
  148. Presumption of validity
  149. Majority decision of Directors
  150. Extension of time limit
  151. Appointment and powers of receivers and administrative receivers
  152. Notification that receiver has been appointed
  153. Liability for Contracts
  154. Distribution of moneys
  155. Duties of receiver
  156. Accounts
  157. Application to Court for directions
  158. Vacation of office
  159. Agent of the Company
  160. Committee of creditors
  161. Notice and advertisement of appointment
  162. No duty to enquire as to power of administrative receiver
  163. Notice requiring Statement of Affairs
  164. Statement of Company's affairs
  165. Verification and filing
  166. Limited disclosure
  167. Release from duty to submit Statement of Affairs; extension of time
  168. Expense of Statement of Affairs
  169. Power to dispose of charged property
  170. Meeting of creditors
  171. Alternative modes of winding-up
  172. Concurrent proceedings
  173. Circumstances in which a Company may be wound up voluntarily
  174. Declaration of solvency
  175. Distinction between "members' voluntary winding-up" and "creditors' voluntary winding-up"
  176. Application of this Chapter
  177. Appointment of liquidator
  178. Directors' powers
  179. Vacancy in office of liquidator
  180. Progress report to members at year's end
  181. Final meeting prior to dissolution
  182. Effect of Company's insolvency
  183. Conversion to creditors' voluntary winding-up
  184. Application of this Chapter
  185. Meetings of members and creditors
  186. Appointment of liquidator
  187. Directors' powers
  188. Vacancy in office of liquidator
  189. Progress report to members and creditors at year's end
  190. Final meeting prior to dissolution
  191. Notice of resolution to wind up
  192. Commencement of winding-up
  193. Notice by liquidator of his appointment
  194. Effect on business and status of company
  195. Avoidance of share transfers after winding-up resolution
  196. Court's power to control proceedings
  197. Saving for certain rights
  198. Circumstances in which a company may be wound up by the court
  199. Definition of inability to pay debts
  200. The statutory demand
  201. Application for winding-up
  202. Petition for winding-up by the Financial Services Regulator or the Registrar
  203. Presentation and service of petition
  204. Advertisement of petition
  205. Powers of Court on hearing of petition
  206. Notice of winding-up order
  207. Commencement of winding-up
  208. Consequences of winding-up order
  209. Appointment of provisional liquidator or of liquidator following administration
  210. Power to stay winding-up
  211. Progress report to contributories and creditors
  212. Duty to summon final meeting
  213. General functions in winding-up by the Court
  214. Property of the Company
  215. Notification that Company is in liquidation
  216. Powers of liquidator
  217. Power to disclaim onerous property
  218. Liquidator may summon meetings
  219. Settling list of contributories, debts and calls
  220. Liability to contribute of past and present members
  221. Limited Company formerly unlimited
  222. Unlimited Company formerly limited
  223. Company's books to be evidence
  224. Distribution of Company's property
  225. General rule as to priority of expenses
  226. Preferential Debts
  227. Unsecured debts of insolvent Company to rank equally
  228. Fixing of liquidator's remuneration
  229. Liquidation committee
  230. Notice requiring Statement of Affairs
  231. Statement of Company's Affairs
  232. Statement of Company's affairs by Directors
  233. Verification and filing
  234. Limited disclosure
  235. Release from duty to submit Statement of Affairs; extension of time
  236. Expense of Statement of Affairs
  237. Submission of accounts
  238. Further disclosure
  239. Removal or resignation of liquidator
  240. Reference of questions to court
  241. Meetings to ascertain wishes of creditors or contributories
  242. Distributions to creditors
  243. Fraud in anticipation of winding-up or insolvent administration
  244. Transactions in fraud of creditors
  245. Misconduct in course of winding-up or insolvent administration
  246. Falsification of Company's books
  247. Material omissions from statement relating to Company's affairs
  248. False representations to creditors
  249. Summary remedy against delinquent officers or liquidators
  250. Fraudulent trading
  251. Wrongful trading
  252. Proceedings under Sections 251 and 252
  253. Getting in the Company's property
  254. Duty to co-operate with Office-holder
  255. Inquiry into Company's dealings
  256. Transactions at an undervalue
  257. Preferences
  258. Relevant time
  259. Limited Liability Partnerships
  260. Protected Cell Companies
  261. Powers of the Board
  262. Insolvency of clearing and settlement intermediaries or Recognised Bodies; client assets
  263. Alteration, Suspension or Disapplication of Regulations in relation to regulated entities
  264. Application of this Part to "unregistered company"
  265. Winding-up of unregistered companies
  266. Inability to pay debts: unpaid creditor for $2,000 or more
  267. Inability to pay debts: other cases
  268. Company incorporated outside the Abu Dhabi Global Market may be wound up though dissolved
  269. Outstanding property of a defunct unregistered company
  270. UNCITRAL Model Law to have force of law
  271. Modification of insolvency law of the Abu Dhabi Global Market
  272. Part 9 to be disapplied
  273. Overriding provisions
  274. Enforceability of a Qualified Financial Contract
  275. Netting Provisions to take effect in accordance with their terms
  276. Voidable transactions
  277. No recharacterisation
  278. Realisation and liquidation of collateral
  279. No formal act required
  280. Appropriation
  281. Netting agreement containing other provisions
  282. Control
  283. Single agreement
  284. Application of this Part
  285. Contraventions and administrative notice of fine
  286. Qualification and registration of insolvency practitioners
  287. Compliance and removal from appointment
  288. Power to make rules and maintain the register
  289. Modification or waiver of rules
  290. Dissolution and early dissolution
  291. Power of Court to declare dissolution of Company void
  292. Property of dissolved company
  293. Rules of interpretation
  294. Defined terms
  295. Meaning of "Associate"
  296. Meaning of "capital market arrangement"
  297. Meaning of "capital market investment"
  298. Meaning of "project company"
  299. Meaning of "step-in rights"
  300. Meaning of "financed project"
  301. Short title, extent and commencement
  302. Framework
  303. Cape Town Convention to have effect in the law of the Abu Dhabi Global Market
  304. International interest to have effect in the law of the Abu Dhabi Global Market
  305. Registration procedure
  306. Effects of insolvency
  307. Remedies on insolvency
  308. Consequential amendments to the Companies Regulations 2020
  309. Definitions and Interpretation
  310. Standard contents of documents relating to other documents

Primary sources

Everything on this page comes from these two. Links go to the issuing legislator.

  • Insolvency Regulations 2022 — official text (HTML) ADGM
  • ADGM Legislation Rulebook — the register this instrument is listed in ADGM

Acting on Insolvency Regulations 2022

This page is a record, not advice. If insolvency regulations 2022 bears on a matter you are dealing with, speak to us about the facts.

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