Regional news: Africa & Middle East

NMC Healthcare announces creditor support for ADGM restructuring

NMC Healthcare’s administrators in Abu Dhabi’s financial free zone will press ahead with deeds of company arrangement for 35 of the group’s entities, after announcing creditor support this week.

09 June 2021

Steinhoff investors’ consortium drops claims, but settlement still faces hostility

A consortium of shareholders seeking to disrupt South African conglomerate Steinhoff’s global settlement has withdrawn its opposition to the group’s Dutch suspension of payments proceedings – but other claimant groups remain hostile in the Netherlands and South Africa.

08 June 2021

Forex trader’s operating arm seeks recognition in the US

Two weeks after its forex broker parent sought recognition of its British Virgin Islands liquidation in Florida, an operating entity of the UAE-based currency trading group Exential has applied for Chapter 15 recognition of its own separate liquidation.

07 June 2021

NMC Healthcare administrators face claw back roadblocks in Abu Dhabi

NMC Healthcare’s administrators in Abu Dhabi’s financial free zone are facing jurisdictional hurdles in their attempts to claw back payments diverted to Dubai Islamic Bank, amid questions the judge described as “elusive”.

27 May 2021

BVI forex trader seeks recognition in the US

British Virgin Islands-based FCI Markets, part of a UAE-based forex trading group that a Dubai court found to be a Ponzi scheme defrauding investors out of more than US$200 million, has applied for Chapter 15 recognition of its BVI liquidation in Florida.

25 May 2021

Islamic offshore reinsurer wound-up in Malaysia

A Malaysian court has issued a winding-up order against the local arm of a Tunisia-headquartered Islamic reinsurance company that operates across Asia and Africa.

24 May 2021

Kroll hires in Dubai from KPMG

Kroll has expanded in Dubai, adding a new associate managing director from KPMG with credits on the liquidation of UK travel agent Thomas Cook and the bankruptcy of securities broker MF Global.

19 May 2021

Who can further delay adjourned meetings? Australian court weighs in

UPDATED: A court in Western Australia has issued its reasons for allowing creditors to decide whether a Congolese-Australian miner’s delayed second meeting may be adjourned again, in the face of competing deed of company arrangement proposals from interested parties.

14 April 2021

MoFo advising as Wirecard seeks US recognition

The German administrator of scandal-hit payment processor Wirecard has asked a Pennsylvania court to recognise its Munich-based insolvency and to block securities litigation pending in the US.

12 April 2021

Abu Dhabi-based NMC Healthcare secures interim English protection

The administrators of NMC Healthcare in Abu Dhabi’s financial free zone have obtained interim protection in the UK, blocking creditors from attaching sale proceeds they plan to place in a London bank account.

09 April 2021

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