Regional news: Africa & Middle East

English court rejects second IVA after good faith breach

An English judge has ordered a British property tycoon into bankruptcy after four years of proceedings, refusing to adjourn for his second proposed individual voluntary arrangement where the largest creditor would be voting for an outcome it had little interest in.

17 July 2019

Advertising tech company’s bankruptcy gets Chapter 15 recognition

Ernst & Young has obtained Chapter 15 protection for a Toronto-based advertising technology company, which it said was hit by Facebook’s deletion of over a billion fake accounts.

21 June 2019

Financial services employee declared bankrupt after absconding with nearly US$3 million

A former employee of a New Zealand foreign exchange and payments services company who fled to Singapore after transferring its funds to accounts he controlled, has been declared bankrupt in a case that has already sparked asset-recovery proceedings in New Zealand, Singapore, Belgium Lithuania and South Africa.

18 June 2019

Indian miner seeking arbitration over Zambian provisional liquidation

One of Africa’s biggest copper producers is facing winding-up proceedings in Zambia, triggering an international arbitration threat from Vedanta Resources, its Indian majority owner.

05 June 2019

Mozambique announces new bond deal

Mozambique has reached a new agreement in principle with holders of its US$727.5 million Eurobonds, after abandoning a debt-for-gas swap deal reached last November.

03 June 2019

Using foreign judgments to get your debt paid under India’s Insolvency and Bankruptcy Code

Last year, the Ghanaian branch of African bank Stanbic became the first party to use an English judgment as evidence of a debt to trigger insolvency proceedings under India’s Insolvency and Bankruptcy Code 2016. The bank’s English counsel – Thomas Williams of Sultan Al-Abdulla & Partners, and Anna Booth and Michael Lee of Womble Bond Dickinson – explain how they did it.

20 May 2019

UK Supreme Court hears Marex reflective loss arguments

The rule against reflective loss is “driving litigants away from the seat of justice,” lawyers for UK foreign exchange broker Marex have told the UK Supreme Court as they seek to overturn a Court of Appeal ruling from June last year.

08 May 2019

DIFC recognises BVI liquidator

The courts of the Dubai International Financial Centre have recognised a British Virgin Islands court’s appointment of a liquidator for the first time.

29 March 2019

Singapore court refuses to extend CNA Group’s judicial management order

The judicial manager of Singapore-incorporated CNA Group has been refused a seventh request to extend a judicial management order originally issued in September 2015, after an agreement entered with Malaysian buyers fell through.

20 March 2019

Parakou vessel arrest undone in South Africa

A South African appeals court has ordered a Singaporean shipping company to release a vessel it had arrested in Durban in an attempt to enforce a US$40 million arbitral award against insolvent shipper Parakou.

13 March 2019

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