Regional news: United Arab Emirates
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
Abu Dhabi-based NMC Healthcare secures interim English protection
The administrators of NMC Healthcare in Abu Dhabi’s financial free zone have obtained interim protection in the UK, blocking creditors from attaching sale proceeds they plan to place in a London bank account.
09 April 2021
Community roundup: Shearman & Sterling, Kroll, FTI Consulting and EY
Shearman & Sterling has continued its London expansion while FTI Consulting has strengthened its Madrid and Abu Dhabi offices, Kroll has promoted four new managing directors in the UK, and EY has hired in Bermuda.
01 April 2021
UAE’s Arabtec reveals details of its Dubai bankruptcy
Nearly four months after shareholders resolved it should enter insolvent liquidation, the Middle East's largest contractor has provided information on its bankruptcy proceedings in Dubai.
22 March 2021
Abraaj fund manager denied liquidators’ documents in Cayman Islands
An investment manager that operated within UAE private equity group Abraaj has failed to obtain documents from the Cayman liquidators of an Abraaj subsidiary, after a court blocked it from bringing litigation due to third-party confidentiality concerns.
01 March 2021