Regional news: Africa & Middle East
Secured creditors can enforce against companies in insolvency, Ugandan court rules
Uganda’s tax authority has been ordered to reimburse Bank of India as a secured creditor of an insolvent bottled water supplier, after it seized and disposed of some of the company’s assets to recover unpaid taxes.
01 June 2022
Teneo hires new leaders in the US and Saudi Arabia
Teneo has appointed new leaders in the US and Saudi Arabia from lender and credit asset manager Golub Capital and financial services group Swicorp.
19 May 2022
Fraud allegations lead to Ch11 filing for global software group
A global software group with operations around the world has sought Chapter 11 protection in New York, blaming its former management for misstating revenues in 2018 and 2019.
18 May 2022
Second time lucky for Smile Telecoms’ groundbreaking restructuring plan
Partner Mark Fine and senior associate Nicholas Jupp at McDermott Will & Emery in London examine two novel aspects to the restructuring plan that the English High Court sanctioned for African telecoms group Smile earlier this year: its exclusion of out-of-the-money creditors, and the fact it varied the rights of a foreign company’s shareholders.
11 May 2022
NMC administrators target EY with negligence suit
The administrators of NMC Healthcare’s UK-based holding company have launched formal legal proceedings against EY for audit negligence, saying the action is part of their obligation to maximise returns for creditors.
03 May 2022
Deloitte, Latham and LawArche complete Saudi construction group restructuring
A pair of Saudi Arabian construction and contracting companies have completed restructurings under the Kingdom’s four-year-old financial reorganisation regime, with the help of Deloitte, Latham & Watkins and Middle East-focused firm LawArche.
13 April 2022
NMC Healthcare secures landmark anti-suit injunction in ADGM
One of NMC Healthcare’s creditors has been blocked from pursuing enforcement proceedings against it in Dubai, after a court in Abu Dhabi’s financial free zone found the action was contrary to the terms of the company’s administration and related deeds of company arrangement.
11 April 2022
Chapter 15 recognition dispute moves to 11th Circuit
An Omani citizen’s fight to overturn Chapter 15 recognition of his English bankruptcy has moved up to the Eleventh Circuit Court of Appeal, after two failed attempts in Florida courts.
07 April 2022
English court permits service of bankruptcy petition on Saudi prince
A Kuwaiti telecoms company may finally serve a two-year-old English bankruptcy petition on a Saudi prince, after the High Court reasoned the prince’s name being registered for council tax in London meant he had a place of residence there.
05 April 2022
ED&F Man and NMC complete restructurings on same day
Freshfields Bruckhaus Deringer and Norton Rose Fulbright have helped agricultural commodities trader ED&F Man complete its restructuring featuring a Part 26A plan; while a court in Abu Dhabi’s financial free zone has sealed Middle Eastern healthcare group NMC’s US$7.6 billion restructuring, by affirming the first judicial reorganisation in the UAE through an administration.
01 April 2022