Regional news: Africa & Middle East

Mozambique announces new bond deal

Mozambique has reached a new agreement in principle with holders of its US$727.5 million Eurobonds, after abandoning a debt-for-gas swap deal reached last November.

03 June 2019

Using foreign judgments to get your debt paid under India’s Insolvency and Bankruptcy Code

Last year, the Ghanaian branch of African bank Stanbic became the first party to use an English judgment as evidence of a debt to trigger insolvency proceedings under India’s Insolvency and Bankruptcy Code 2016. The bank’s English counsel – Thomas Williams of Sultan Al-Abdulla & Partners, and Anna Booth and Michael Lee of Womble Bond Dickinson – explain how they did it.

20 May 2019

UK Supreme Court hears Marex reflective loss arguments

The rule against reflective loss is “driving litigants away from the seat of justice,” lawyers for UK foreign exchange broker Marex have told the UK Supreme Court as they seek to overturn a Court of Appeal ruling from June last year.

08 May 2019

DIFC recognises BVI liquidator

The courts of the Dubai International Financial Centre have recognised a British Virgin Islands court’s appointment of a liquidator for the first time.

29 March 2019

Singapore court refuses to extend CNA Group’s judicial management order

The judicial manager of Singapore-incorporated CNA Group has been refused a seventh request to extend a judicial management order originally issued in September 2015, after an agreement entered with Malaysian buyers fell through.

20 March 2019

Parakou vessel arrest undone in South Africa

A South African appeals court has ordered a Singaporean shipping company to release a vessel it had arrested in Durban in an attempt to enforce a US$40 million arbitral award against insolvent shipper Parakou.

13 March 2019

AHAB appeals as Saudi court rejects protective settlement

Saudi conglomerate Ahmad Hamad Algosaibi and Brothers has appealed against a Saudi court’s decision to reject its petition for protective settlement – the first such petition under the new Saudi Arabian bankruptcy law

14 February 2019

Saudi bank fights Saad on limitation grounds

Saudi bank Samba has asked an English appeals court to prevent the joint liquidators of Cayman-incorporated Saad Investments Company (SICL) from amending a share claw-back claim they first filed against the bank in 2013, on grounds of limitation.

12 February 2019

Steinhoff CVAs stall after Seifert challenge

South African retail conglomerate Steinhoff says “a company claiming to be a creditor” has filed an objection to company voluntary arrangements for two of its European subsidiaries, one month after creditors approved them.

11 January 2019

Court confirms “unique status” of insolvency proceedings as Abraaj adjourned

The Cayman Islands Grand Court has adjourned a winding-up petition against private equity investor Abraaj Holdings for a third time, finding the applicant had failed to identify “any immediate, tangible benefit” of an official liquidation.

09 January 2019

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