Regional news: United Arab Emirates

GRR Live London: How to increase your leverage in a restructuring

Panelists at the recent GRR Live London discussed how to increase leverage in a restructuring, from encouraging directors to take a particular course of action, to making the most of gaps in the debtor's documentation.

03 July 2017

UAE’s Dana Gas asks Emirates court to declare English law-governed bond illegal

A month after starting negotiations to restructure a US$700 million Islamic bond, Dana Gas, the biggest gas producer in the Middle East, has announced that the instrument is incompatible with Shari’a law and obtained stays on enforcement from courts in the UAE and the British Virgin Islands (BVI).

16 June 2017

PwC loses expenses claim for nixed Saad and Singularis orders

A majority in the UK Privy Council has denied claims from PricewaterhouseCoopers for costs incurred to fulfill a pair of disclosure orders in aid of liquidations in the Cayman Islands before the orders were nixed on jurisdictional grounds.

18 November 2016

Regulatory roundup: China’s new bankruptcy regime

In recent reforms to bankruptcy laws around the world, China has made a bold play in response to its economic downturn, India has tackled too-big-to-fail, and the UK has released an update to its long-standing insolvency legislation.

31 October 2016

Irish courts will hear Quinn asset-stripping allegations despite parallel case in India

The Supreme Court of Ireland has declined to stay local proceedings against a Dubai-registered company accused of helping to put assets of the family of former billionaire Seán Quinn beyond the reach of liquidators – despite arguments that a parallel case has already been commenced in India.

16 August 2016

New York court dismisses Belgian receiver’s claim against Deutsche Bank over frozen funds

The receivers of Belgium’s former national airline, who spent years trying to unlock funds in a New York bank account frozen by US sanctions against the government of Sudan, have had their case dismissed by A New York appeals court.

29 July 2016

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