Regional news: Africa & Middle East

BVI court discharges Israeli real estate investors from receivership

Two companies that own real estate in Israel have been discharged from receivership in the British Virgin Islands after a local court found the Israeli lawyer who made the application failed in her duty of disclosure.

11 March 2022

Smile seeks sanction of latest plan amid creditor complaints

African telecoms group Smile Telecoms has asked the High Court in London to sanction its second restructuring plan in a year, arguing the plan is likely to be effective in its key jurisdictions of Mauritius, Nigeria and South Africa.

10 March 2022

Urbancorp foreign rep denied leave to appeal anti-deprivation claims

The Israeli foreign representative of Canadian property group Urbancorp will not be able to appeal failed claims based on the common law anti-deprivation rule, so the value of a 50-year land lease could remain in the debtor’s estate for creditors rather than benefitting the group’s controlling family.

04 March 2022

Florida court dismisses Omani citizen’s Chapter 15 appeal

Limiting US recognition to proceedings featuring those who qualify as “debtors” under section 109 of the US Bankruptcy Code would be inconsistent with the language and purpose of Chapter 15, a Florida district court has ruled, departing from the Second Circuit's much-criticised Barnet decision.

02 March 2022

Smile restructuring plan delayed as creditor challenges valuations

A senior lender to African telecoms group Smile Telecoms has raised last-minute valuation issues with the company’s restructuring plan, despite the English High Court finding it was out of the money last month.

28 February 2022

DIFC court declines to recognise Abu Dhabi personal bankruptcy

A court in the Dubai International Financial Centre, which recently signed up to the UNCITRAL Model Law, has refused to recognise the Abu Dhabi personal bankruptcy proceedings of the chairman of investment group KBBO, criticising his trustees.

16 February 2022

US$2bn Saudi restructuring marks first local use of perpetual sukuk

Updated: King & Spalding, Deloitte and Latham & Watkins have helped close the US$2 billion restructuring of Saudi Arabian construction group Azmeel Contracting under the kingdom’s four-year-old bankruptcy law, in what is the first time perpetual sukuk have been used for a Saudi restructuring.

04 February 2022

Saad liquidators lose appeal against Saudi bank

The liquidators of Cayman fund Saad Investments Company have again been stopped from clawing back US$318 million worth of shares transferred to a Saudi bank, after failing to overturn the dismissal of their “knowing receipt” claim in the UK.

27 January 2022

Steinhoff's global settlement approved

South African retail conglomerate Steinhoff can begin to finally make payments to investors that lost out when its share price collapsed in 2017, after a court in Cape Town sanctioned its former holding company’s scheme.

24 January 2022

Teneo opens in the Middle East with AlixPartners hires

Teneo has launched a restructuring team in the Middle East with hires from AlixPartners, one week after it recruited pre-pack pioneer Jay Goffman in New York.

24 January 2022

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