Regional news: Africa & Middle East

Saudi adds cross-border bankruptcy rules based on UNCITRAL Model Law

New procedures for recognising and enforcing foreign bankruptcies have been introduced in Saudi Arabia for the first time, which one local lawyer tells GRR should help to encourage investment in the country.

19 January 2023

Bahraini bank’s liquidators seek recognition in Cayman and England

Charles Russell Speechlys is seeking recognition of its appointment as liquidator of Bahraini investment bank Awal in the Cayman Islands and England, one month after a Bahraini court ordered the bank’s liquidation following a decade-long administration.

13 December 2022

ADGM leaves questions over effectiveness of NMC’s DOCAs to 2023

NMC Healthcare’s administrators have failed to obtain directions on the effectiveness of the group’s restructuring carried out earlier this year, after a court in the Abu Dhabi General Market held it would be more appropriate for the issue to be decided at a trial next July.

15 November 2022

DWF hires in Riyadh

London-listed international firm DWF has recruited a new partner in Riyadh from Saudi industrial investments company Dussur, who has credits on several restructurings in the MENA region.

02 November 2022

Marka directors exonerated after changes in UAE bankruptcy law

A controversial court decision on directors’ liability that raised eyebrows in the UAE last year has been partially overturned, in a decision clarifying that only directors responsible for a company’s losses will be held liable for its bankruptcy.

26 October 2022

GRR Live, New York: China’s debt-trap conspiracy

After two decades that have seen China become the largest bilateral lender to the world’s poorest countries, attendees at GRR Live in New York said talk of so-called “debt-trap diplomacy” is misplaced but the country needs to decide whether it wants to be isolated or part of the developed financial world.

19 October 2022

NMC Healthcare secures anti-enforcement order against “rogue creditor”

Middle Eastern healthcare group NMC has restrained financial broker Noor Capital from pursuing enforcement proceedings against it in Dubai, with counsel to the group telling GRR the injunction prevents “one rogue creditor” undermining its successful restructuring.

10 October 2022

ADGM court issues US$1bn freezing order against former NMC chief

Abu Dhabi Commercial Bank has secured a worldwide freezing order against the former CEO of Middle Eastern healthcare group NMC, who it accuses of being part of a major fraud that led to the group’s collapse.

05 October 2022

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

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