Regional news: Africa & Middle East
Business rescue not available for foreign companies in South Africa
An Italian construction company has failed to open business rescue proceedings in South Africa, after an appellate court found the process was not open to foreign companies, while also refusing to recognise its Italian restructuring.
23 November 2020
Borrelli Walsh appointed as Hyflux enters judicial management
After a two-and-a-half year restructuring saga, struggling Singaporean utility Hyflux has been placed into judicial management with immediate effect.
16 November 2020
Dubai court recognises NMC Healthcare administration
A court in Dubai’s financial free zone has recognised NMC Healthcare’s Abu Dhabi administration and ordered a stay on proceedings filed against the company – while the administrators have initiated a negligence action against EY in England.
11 November 2020
Validity Finance hires former Kirkland partner in Houston
US-Israeli litigation funder Validity Finance has hired former Kirkland & Ellis partner Sarah Williams as portfolio counsel in Houston, as demand for bankruptcy-related funding increases.
09 November 2020
English court sanctions KCA Deutag’s scheme
International oil and gas services company KCA Deutag has secured court sanction of its English scheme, which its lawyers say is likely to be given effect in Russia, Oman, Norway, Germany and the US.
05 November 2020
KPMG head of advisory moves to FTI Consulting in Dubai
FTI Consulting has hired KPMG’s head of advisory in Dubai to lead its Middle East restructuring practice.
29 October 2020
Sunbird wins convening hearing despite class composition dispute
After its original scheme documentation was rejected as “misleading” in September, flexible workspace provider Sunbird has won a convening order for a single meeting of creditors to vote on a new scheme.
28 October 2020
A&M Middle East head joins KordaMentha in Sydney
Asia-Pacific advisory firm KordaMentha has hired the former head of Alvarez & Marsal’s Middle East turnaround and restructuring practice.
27 October 2020
ADGM: A commercially fair and efficient Middle Eastern regime
Alexander Wood, a partner at Shearman & Sterling in London whose firm advised on the establishment of the Abu Dhabi Global Market’s legal and regulatory framework, discusses why parties to regional restructurings and insolvencies should now consider the ADGM regime.
23 October 2020
Ashurst and White & Case advise as African diamond miner cuts creditor deal
A Jersey-incorporated group that operates African diamond mines has agreed a debt-for-equity restructuring with creditors, which it plans to carry out through a scheme of arrangement in England.
22 October 2020
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