Regional news: United Arab Emirates

GÖRG partner appointed over kitchenware company

Germany-based kitchenware company Neue Alno has filed for insolvency for the second time in four years, with GÖRG partner Holger Leichtle appointed as provisional trustee.

19 July 2021

NMC Healthcare administrators prep for London arbitration

NMC Healthcare’s ADGM administrators and Dubai Islamic Bank have agreed to a London arbitration to resolve their disputes over insurance receivables the bank claims it is entitled to as security.

16 July 2021

Reasons published for NMC Healthcare’s UK recognition

Sir Alastair Norris has released his reasons for recognising NMC Healthcare’s Abu Dhabi administrations as foreign main proceedings, and for imposing a moratorium to bind secured creditors.

01 July 2021

NMC Healthcare’s Abu Dhabi administrators secure English recognition

The Abu Dhabi General Market administrators of NMC Healthcare have secured recognition in England, with a London court finding the group’s insolvency proceedings constituted foreign main proceedings.

16 June 2021

Singapore appellate court sets out rules for director winding-up appeals

The Singapore Court of Appeal has set out two general rules to prevent directors and shareholders from using a company’s funds to pursue unmeritorious appeals against winding-up orders when the monies should be reserved for paying creditors.

11 June 2021

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

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

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

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