Abu Dhabi boasts first-class infrastructure and unparalleled global connectivity, making it a premier international destination. Its exceptional qualities make it an ideal location to live, work, and conduct business.
A financial centre that provides transparency, efficiency, and integrity, through its progressive frameworks, future focused infrastructure, all within a familiar independent legal jurisdiction – ADGM is the perfect platform for success.
ADGM, the centre for a transparent and thriving sustainable finance ecosystem.
Our community of business professionals, entrepreneurs, and investors can depend on ADGM to provide timely news and reliable insights.
At ADGM, we offer various support options, including contact details, FAQs, enquiry forms, and a whistleblowing form.
ADGM Registration Authority has prepared a list of Questions and Answers in relation to the Rules. In the event that your question is not answered here, please address your query to ra@adgm.com.
All registered insolvency practitioners are required to re-register under the new Rules within six months from the effective date of the new Rules. During this period of six months, the insolvency practitioner is eligible to be appointed and may continue any existing appointment(s). If the insolvency practitioner fails to re-register under the new Rules, the name of the insolvency practitioner will be removed from the public register and shall promptly make appropriate arrangements with respect to termination of any existing appointment(s).
Lodge cancellation of registration form by email to the following address: RA@adgm.com.
This form sets out the following information:
You will be subject to a fine not exceeding Level 3 on the ADGM standard fines scale.
The new rule contains registration requirements, including
The insolvency practitioner also must provide evidence of professional indemnity insurance and a security bond.
Yes, you may apply. An insolvency practitioner is not required to be employed by a firm or a body corporate licensed in ADGM. The registration criteria include practitioners who are employed with, or a member, director or partner, of a firm or body corporate registered within or outside the ADGM.
No, only individuals can be appointed as insolvency practitioners.
Yes, it is a requirement under the new Rules to have professional indemnity insurance in place sufficient for your business. You must seek quotes from insurance providers independently. ADGM Registration Authority cannot assist you in this matter. Insolvency practitioners must maintain professional indemnity insurance (whether held by the individual or his/her employer), which covers all types of civil liability arising in connection with the conduct and business carried out by the insolvency practitioner. The insolvency practitioner must annually provide the Registrar with information relating to this professional indemnity insurance, including terms and duration of, any claims made under, the policy.
Yes, it is a requirement under the new Rules to obtain and maintain a security bond in connection with an appointment under the Insolvency Regulations 2022 (the “Regulations”). However, practitioners appointed as a liquidator under Section 178 of the Regulations (members voluntary winding-up) are exempt from the requirement of having to obtain a security bond for this appointment. The bond can be in writing or electronic form and the surety must undertake to be jointly and severally liable for losses caused by the fraud or dishonesty of the insolvency practitioner or committed by a person with the connivance of the insolvency practitioner. The bond must provide for a general penalty sum of USD 350,000 (or the equivalent amount in other currency) and a specific penalty sum equal to the lesser of the value of the insolvency party’s assets and USD 1 million. You must seek quotes from bond providers independently. ADGM Registration Authority cannot assist you in this matter.
We use cookies and similar technologies that are necessary to operate the website. Additional cookies are used to perform analysis of website usage. By continuing to use our website, you consent to our use of cookies. For more information, please read our Cookies Policy.