Regional news: Africa & Middle East

In recent reforms to bankruptcy laws around the world, China has made a bold play in response to its economic downturn, India has tackled too-big-to-fail, and the UK has released an update to its long-standing insolvency legislation.

31 October 2016

The Supreme Court of Ireland has declined to stay local proceedings against a Dubai-registered company accused of helping to put assets of the family of former billionaire Seán Quinn beyond the reach of liquidators – despite arguments that a parallel case has already been commenced in India.

16 August 2016

The receivers of Belgium’s former national airline, who spent years trying to unlock funds in a New York bank account frozen by US sanctions against the government of Sudan, have had their case dismissed by A New York appeals court.

29 July 2016

Saudi Arabian family-run conglomerate Ahmad Hamad Algosaibi & Brothers (AHAB), has signed a deal with several of its lenders to implement a US$6 billion restructuring plan, bringing the Arab region’s largest debt default a step closer to resolution.

26 July 2016

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

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

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

The Nigerian Senate held a public hearing on Monday to discuss the repeal and re-enactment of Nigeria’s “outdated” bankruptcy laws, with a suggested new bill placing emphasis on attracting international investors.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