KWM 2.0 moves into new offices as administrators begin investigation into collapsed business

King & Wood Mallesons‘ (KWM) new business in London, comprising seven partners, has today (20 January) moved into new offices on the 4th floor of St Martins Court, 5 Cheapside in the City.

Established just one day after the firm formally entered administration, the firm’s new business, dubbed KWM 2.0 and consisting of offices in London, Frankfurt, Dubai and Riyadh (alongside affiliated entities in Milan, Brussels and Madrid) will each operate as separate financial entities, but remain part of the verein structure. They have each received financial support from KMW China, in different ways, according to local regulations.

Meanwhile, the administrators Quantuma and solicitor manager Sam Palmer, head of professional and financial risk at Ashfords expect to haveFile photo: Dubai International Financial Centre (DIFC) in Dubai. Image Credit: Gulf News Archives

Dubai: His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, in his capacity as the Ruler of Dubai, has amended the graduity law in Dubai.

He has enacted the Employment Law Amendment Law No. 4 of 2020, Dubai International Financial Centre (DIFC), the leading international financial hub in the Middle East, Africa and South Asia (MEASA) region, announced on Tuesday.

Workplace savings scheme

The Amendment Law introduces the new Qualifying Scheme workplace savings scheme in the DIFC, replacing the current end-of-service gratuity payment regime that has been in place since the inception of the DIFC in 2004.

The new regime commences on 1 February 2020, from which employers will make mandatory monthly