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DIFC Court issues interim charging order over Damac Park Towers A, B.

Summary: DUBAI - The DIFC Court on Tuesday issued an Interim Charging Order attaching both Tower A and Tower B of the Damac Park Towers development upon the application of the claimants in proceedings number CFI 001/20111.

DUBAI - The DIFC Court on Tuesday issued an Interim Charging Order attaching both Tower A and Tower B of the Damac Park Towers development upon the application of the claimants in proceedings number CFI 001/20111.

Following a Default Judgment of the DIFC Court on 14 April 2011 against Damac and the subsequent rejection of Damac's challenge to that Judgment on 21 June 2011, Damac were required to make immediate payment of the judgment sum of Dh1,781,009.01 together with judgment interest on that amount. Damac were also ordered to make payment of indemnity costs of Dh200,000 by 5 July 2011. The interim charging order is the result of Damac's failure to honour 
that judgment.

Noel Gaffney, the claimant in the proceedings, said: "It is disappointing, but not surprising given Damac's track record, that despite the clear verdict of the Court, Damac continues to drag its feet in making payment of the money rightfully due back to us."

KBH Kaanuun is a boutique corporate/commercial law firm based in the Dubai International Financial Centre in the UAE and registered by the Dubai Financial Services Authority, with offices in Dubai, Kuwait and Bahrain. As a full-service firm, their expertise spreads across a broad span of business disciplines and major industries, including real estate, M&A restructuring, joint ventures and corporate and commercial matters.

They also specialise in commercial dispute resolution, covering litigation, mediation and arbitration and advises on UAE, Dubai, DIFC, Kuwaiti, Bahraini and English law.

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Publication:Khaleej Times (Dubai, United Arab Emirates)
Date:Jul 26, 2011
Words:304
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