Regional news: Africa & Middle East

NMC Healthcare gets brief reprieve from creditor claims in Dubai

A court in Abu Dhabi’s financial free zone has partially restrained financial broker Noor Capital from pursuing enforcement proceedings against restructured healthcare group NMC in Dubai, ahead of a hearing next week over a UAE judgment debt arising out of a December 2019 loan agreement.

28 September 2022

ADGM enacts updated insolvency practitioner framework

The Abu Dhabi Global Market has implemented reforms to its insolvency practitioner framework that do away with the need to have a registered office address in the financial free zone to obtain a license.

16 September 2022

Abu Dhabi free zone court extends NMC administrations

Two companies in the Middle Eastern NMC Healthcare group have had their administrations extended in Abu Dhabi’s financial free zone to allow their administrators to continue investigations into the business and pursue litigation.

15 September 2022

Baker McKenzie disqualified from representing Russian bank

Baker McKenzie has been disqualified from representing a Russian bank in US discovery proceedings in aid of an alleged fraud claim against a Dubai-based commodities trader, after a Georgia judge found the firm had a conflict of interest because it was approached to advise the trader in a liquidation last year.

02 September 2022

Crypto bank Nuri files insolvency proceedings in Germany

As the “crypto winter” continues, a German crypto-focused digital banking platform has entered insolvency proceedings before a Berlin court, while crypto exchange CoinFlex has announced it is seeking to restructure in the Seychelles.

11 August 2022

Grant Thornton hires new UAE restructuring leader from Kroll

Grant Thornton has recruited one of GRR’s recently named “40 under 40” from Kroll to lead its United Arab Emirates financial restructuring and insolvency practice.

07 July 2022

ADGM floats reforms to attract more insolvency practitioners

The Abu Dhabi Global Market (ADGM) has floated potential reforms to attract more insolvency practitioners to register in the UAE free zone – and is seeking input.

13 June 2022

Secured creditors can enforce against companies in insolvency, Ugandan court rules

Uganda’s tax authority has been ordered to reimburse Bank of India as a secured creditor of an insolvent bottled water supplier, after it seized and disposed of some of the company’s assets to recover unpaid taxes.

01 June 2022

Teneo hires new leaders in the US and Saudi Arabia

Teneo has appointed new leaders in the US and Saudi Arabia from lender and credit asset manager Golub Capital and financial services group Swicorp.

19 May 2022

Fraud allegations lead to Ch11 filing for global software group

A global software group with operations around the world has sought Chapter 11 protection in New York, blaming its former management for misstating revenues in 2018 and 2019.

18 May 2022

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