Regional news: Africa & Middle East
Steinhoff settlement in danger
Embattled South African conglomerate Steinhoff’s global settlement is in jeopardy, after a Cape Town court ruled that a key part of its plan is invalid.
05 July 2021
Reasons published for NMC Healthcare’s UK recognition
Sir Alastair Norris has released his reasons for recognising NMC Healthcare’s Abu Dhabi administrations as foreign main proceedings, and for imposing a moratorium to bind secured creditors.
01 July 2021
Intu administrators given greenlight to pay creditors
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
NMC Healthcare’s Abu Dhabi administrators secure English recognition
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
Construction group winds down after Greensill collapse scuppers refinancing
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
Singapore appellate court sets out rules for director winding-up appeals
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 announces creditor support for ADGM restructuring
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
Steinhoff investors’ consortium drops claims, but settlement still faces hostility
A consortium of shareholders seeking to disrupt South African conglomerate Steinhoff’s global settlement has withdrawn its opposition to the group’s Dutch suspension of payments proceedings – but other claimant groups remain hostile in the Netherlands and South Africa.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
Forex trader’s operating arm seeks recognition in the US
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 administrators face claw back roadblocks in Abu Dhabi
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