Regional news: Africa & Middle East

Ogier sets up shop in Dubai

Offshore firm Ogier has launched a new office in the Dubai International Financial Centre led by partner David Welford, a disputes partner previously based in the British Virgin Islands and Jersey, who has credits on Brazilian oil group Constellation’s restructuring.

09 November 2023

Construction group’s restructuring secures Dubai appeal court approval

Dubai’s Court of Appeal has approved a five-years-in-the-making restructuring plan for struggling construction contractor Drake & Scull, giving it 12 months to implement it.

07 November 2023

South Africa court adjourns winding up by Jersey post-petition financier

The South African High Court has adjourned a winding up petition against a floor covering manufacturer because the Jersey company that brought the application failed to enjoin other affected creditors, including the company’s employees.

31 October 2023

White & Case and Weil advising as Zambia strikes debt deal

The government of Zambia has reached an in-principle agreement with holders of its Eurobonds, who have agreed to take a US$700 million haircut on almost US$4 billion of claims.

27 October 2023

Shareholder asset sales and a debt-for-equity swap: a closer look at the KBBO restructuring

Documents seen by GRR have shed further light on the first major restructuring in the UAE under its 2016 Bankruptcy Law – a case that local practitioners say shows the Emirates’ onshore courts are just as competent at handling complex group restructurings as their offshore courts.

28 September 2023

Debts unenforceable in UAE can be enforced in the UK, English court says

There is no common law impediment to enforcing a UAE monetary judgment in the UK that cannot be enforced in the UAE, a Deputy High Court Judge has found, declining to set aside an English default judgment issued against a Lebanese businessman on the basis of personal guarantees that are unenforceable in Abu Dhabi.

22 September 2023

Deloitte and international firms drive KBBO case to sanction in Abu Dhabi

Trustees from Deloitte working with local and international counsel have helped investment group KBBO secure court sanction of the first major restructuring in the UAE under its 2016 Bankruptcy Law, in a case that included super senior money financing from UK investment manager Fidera.

21 September 2023

UAE bank turns to UK after Abu Dhabi court declares personal guarantees unenforceable

The English High Court has been asked to consider whether it can enforce two UAE judgment debts that became unenforceable in Abu Dhabi when a recent law limiting the use of personal guarantees was applied retroactively.

19 September 2023

Aon’s Bermudian vehicle launches Ch15 as Vesttoo dispute continues

A Bermudian segregated accounts company linked to global insurance broker Aon is seeking Chapter 15 relief to aid its discovery efforts against bankrupt Israeli fintech Vesttoo, who it has threatened with arbitration over an alleged large-scale fraud.

29 August 2023

Fintech company seeks Israeli recognition of US bankruptcy amid fraud claims

Tel Aviv-based fintech Vesttoo has asked a Delaware court to authorise it to act as a foreign representative so it can seek Israeli recognition of Chapter 11 proceedings it commenced last week amid a threatened arbitration in Bermuda over an alleged large-scale fraud.

21 August 2023

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