Regional news: United Arab Emirates

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

NMC administrators target EY with negligence suit

The administrators of NMC Healthcare’s UK-based holding company have launched formal legal proceedings against EY for audit negligence, saying the action is part of their obligation to maximise returns for creditors.

03 May 2022

NMC Healthcare secures landmark anti-suit injunction in ADGM

One of NMC Healthcare’s creditors has been blocked from pursuing enforcement proceedings against it in Dubai, after a court in Abu Dhabi’s financial free zone found the action was contrary to the terms of the company’s administration and related deeds of company arrangement.

11 April 2022

ED&F Man and NMC complete restructurings on same day

Freshfields Bruckhaus Deringer and Norton Rose Fulbright have helped agricultural commodities trader ED&F Man complete its restructuring featuring a Part 26A plan; while a court in Abu Dhabi’s financial free zone has sealed Middle Eastern healthcare group NMC’s US$7.6 billion restructuring, by affirming the first judicial reorganisation in the UAE through an administration.

01 April 2022

ADGM recognises NMC’s UK administrators, as UAE process draws to a close

UK-based NMC Health’s English administrators have obtained what is believed to be the first ever recognition decision from a court in Abu Dhabi’s financial free zone, as the UAE administrators of the beleaguered healthcare group’s operating companies made a landmark announcement that they would exit administration before the end of the month.

18 March 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

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

Alvarez & Marsal hires new bank restructuring co-head from AlixPartners

AlixPartners’ head of distressed financial services has joined Alvarez & Marsal to co-lead its European bank restructuring practice in London, while the firm has also made nine promotions in its restructuring group around the world.

20 January 2022

Kroll makes double hire in Middle East

Kroll has hired two senior members for its restructuring advisory practice in the UAE, from in-house roles within the Dubai government and for an Abu Dhabi sovereign private family.

16 November 2021

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