Regional news: Africa & Middle East

The administrators of shopping centre owner Intu have won an English court’s permission to make distributions to unsecured creditors – and to extend its administration for two years in the hope that assets in Spain, India and the UK may become more advantageous.

17 June 2021

The Abu Dhabi General Market administrators of NMC Healthcare have secured recognition in England, with a London court finding the group’s insolvency proceedings constituted foreign main proceedings.

16 June 2021

A prefabricated construction company and former Greensill client with factories in the US, India and Saudi Arabia has entered Chapter 11 in Texas to sell off its assets and wind down, with the help of a US$35 million debtor-in-possession promissory note from a UK-based Softbank entity.

15 June 2021

The Singapore Court of Appeal has set out two general rules to prevent directors and shareholders from using a company’s funds to pursue unmeritorious appeals against winding-up orders when the monies should be reserved for paying creditors.

11 June 2021

NMC Healthcare’s administrators in Abu Dhabi’s financial free zone will press ahead with deeds of company arrangement for 35 of the group’s entities, after announcing creditor support this week.

09 June 2021

A consortium of shareholders seeking to disrupt South African conglomerate Steinhoff’s global settlement has withdrawn its opposition to the group’s Dutch suspension of payments proceedings – but other claimant groups remain hostile in the Netherlands and South Africa.

08 June 2021

Two weeks after its forex broker parent sought recognition of its British Virgin Islands liquidation in Florida, an operating entity of the UAE-based currency trading group Exential has applied for Chapter 15 recognition of its own separate liquidation.

07 June 2021

NMC Healthcare’s administrators in Abu Dhabi’s financial free zone are facing jurisdictional hurdles in their attempts to claw back payments diverted to Dubai Islamic Bank, amid questions the judge described as “elusive”.

27 May 2021

British Virgin Islands-based FCI Markets, part of a UAE-based forex trading group that a Dubai court found to be a Ponzi scheme defrauding investors out of more than US$200 million, has applied for Chapter 15 recognition of its BVI liquidation in Florida.

25 May 2021

A Malaysian court has issued a winding-up order against the local arm of a Tunisia-headquartered Islamic reinsurance company that operates across Asia and Africa.

24 May 2021