Regional news: United Arab Emirates

Shareholder asset sales and a debt-for-equity swap: a closer look at the KBBO restructuring

Documents seen by GRR have shed further light on the first major restructuring in the UAE under its 2016 Bankruptcy Law – a case that local practitioners say shows the Emirates’ onshore courts are just as competent at handling complex group restructurings as their offshore courts.

28 September 2023

Debts unenforceable in UAE can be enforced in the UK, English court says

There is no common law impediment to enforcing a UAE monetary judgment in the UK that cannot be enforced in the UAE, a Deputy High Court Judge has found, declining to set aside an English default judgment issued against a Lebanese businessman on the basis of personal guarantees that are unenforceable in Abu Dhabi.

22 September 2023

Deloitte and international firms drive KBBO case to sanction in Abu Dhabi

Trustees from Deloitte working with local and international counsel have helped investment group KBBO secure court sanction of the first major restructuring in the UAE under its 2016 Bankruptcy Law, in a case that included super senior money financing from UK investment manager Fidera.

21 September 2023

UAE bank turns to UK after Abu Dhabi court declares personal guarantees unenforceable

The English High Court has been asked to consider whether it can enforce two UAE judgment debts that became unenforceable in Abu Dhabi when a recent law limiting the use of personal guarantees was applied retroactively.

19 September 2023

Dubai Islamic Bank denied ADGM claim to certain NMC insurance receivables

NMC Healthcare subsidiaries that were not parties to a pair of heavily-disputed Murabaha agreements, did not assign their rights or interests in insurance receivables to Dubai Islamic Bank, a court in the Abu Dhabi Global Market has held.

04 August 2023

Carey Olsen insolvency head joins Walkers in London

Walkers has hired the former head of Carey Olsen’s insolvency group in the Cayman Islands and London, who brings with him experience working on the offshore restructurings of UAE-based private equity firm Abraaj Holdings and China’s Luckin Coffee.

17 July 2023

Telford holdcos wound up in Cayman following wider restructuring

Two rump holdcos that were left behind when US investor Merced Capital acquired Dubai-based offshore construction vessel owner Telford Offshore as part of a restructuring in February have been wound up in the Cayman Islands.

26 June 2023

UAE national cannot dodge Dubai personal guarantee, English court rules

Government-owned bank Emirates NBD has been permitted to enforce a Dubai court order in London against a UAE national who personally guaranteed a corporate loan, then transferred his UK assets to his son when the bank sought to enforce the debt.

17 May 2023

Dubai-headquartered tech company faces liquidation in Cayman

Chicago-based investment bank Loop Capital Markets is seeking to wind up a Dubai-headquartered electrical vehicle company it says has failed to pay fees racked up when it completed a SPAC process last year.

12 May 2023

Middle Eastern healthcare group facing Cayman winding up

Dentons is advising Dubai-based private equity firm Regulus Capital as it seeks to wind up Middle Eastern healthcare services provider Avivo Group in the Cayman Islands.

20 April 2023

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