Regional news: Africa & Middle East

Israeli bankruptcy case declared foreign main proceedings despite COMI in Canada

A Canadian court recently recognised Israeli bankruptcy proceedings relating to Canadian property developer Urbancorp as foreign main proceedings, in what it described as “a very unusual situation” since the property developer’s centre of main interests (COMI) is not in Israel.

22 July 2016

Bankruptcy trustee seeks to withdraw Egyptian gas claims to avoid double recovery

The liquidation trustee of a US energy holding company has sought permission from a New York bankruptcy court for the debtor to withdraw certain overlapping claims it brought in a series of international arbitrations against Egypt, whose outcomes are likely to determine whether unsecured creditors get paid.

27 May 2016

Israeli court appoints manager for property developer in Canadian bankruptcy

An Israeli court has appointed a manager to draft a settlement for Israeli creditors of a distressed Canadian property developer, days after it filed for bankruptcy protection in Canada.

26 April 2016

Nigeria holds hearing on internationalist insolvency reforms

The Nigerian Senate held a public hearing on Monday to discuss the repeal and re-enactment of Nigeria’s “outdated” bankruptcy laws, with a suggested new bill placing emphasis on attracting international investors.

16 March 2016

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