Regional news: United Arab Emirates

ADGM leaves questions over effectiveness of NMC’s DOCAs to 2023

NMC Healthcare’s administrators have failed to obtain directions on the effectiveness of the group’s restructuring carried out earlier this year, after a court in the Abu Dhabi General Market held it would be more appropriate for the issue to be decided at a trial next July.

15 November 2022

Marka directors exonerated after changes in UAE bankruptcy law

A controversial court decision on directors’ liability that raised eyebrows in the UAE last year has been partially overturned, in a decision clarifying that only directors responsible for a company’s losses will be held liable for its bankruptcy.

26 October 2022

NMC Healthcare secures anti-enforcement order against “rogue creditor”

Middle Eastern healthcare group NMC has restrained financial broker Noor Capital from pursuing enforcement proceedings against it in Dubai, with counsel to the group telling GRR the injunction prevents “one rogue creditor” undermining its successful restructuring.

10 October 2022

ADGM court issues US$1bn freezing order against former NMC chief

Abu Dhabi Commercial Bank has secured a worldwide freezing order against the former CEO of Middle Eastern healthcare group NMC, who it accuses of being part of a major fraud that led to the group’s collapse.

05 October 2022

NMC Healthcare gets brief reprieve from creditor claims in Dubai

A court in Abu Dhabi’s financial free zone has partially restrained financial broker Noor Capital from pursuing enforcement proceedings against restructured healthcare group NMC in Dubai, ahead of a hearing next week over a UAE judgment debt arising out of a December 2019 loan agreement.

28 September 2022

ADGM enacts updated insolvency practitioner framework

The Abu Dhabi Global Market has implemented reforms to its insolvency practitioner framework that do away with the need to have a registered office address in the financial free zone to obtain a license.

16 September 2022

Abu Dhabi free zone court extends NMC administrations

Two companies in the Middle Eastern NMC Healthcare group have had their administrations extended in Abu Dhabi’s financial free zone to allow their administrators to continue investigations into the business and pursue litigation.

15 September 2022

Baker McKenzie disqualified from representing Russian bank

Baker McKenzie has been disqualified from representing a Russian bank in US discovery proceedings in aid of an alleged fraud claim against a Dubai-based commodities trader, after a Georgia judge found the firm had a conflict of interest because it was approached to advise the trader in a liquidation last year.

02 September 2022

Grant Thornton hires new UAE restructuring leader from Kroll

Grant Thornton has recruited one of GRR’s recently named “40 under 40” from Kroll to lead its United Arab Emirates financial restructuring and insolvency practice.

07 July 2022

ADGM floats reforms to attract more insolvency practitioners

The Abu Dhabi Global Market (ADGM) has floated potential reforms to attract more insolvency practitioners to register in the UAE free zone – and is seeking input.

13 June 2022

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