Work Area: Complex commercial litigation

Debts unenforceable in UAE can be enforced in the UK, English court says

There is no common law impediment to enforcing a UAE monetary judgment in the UK that cannot be enforced in the UAE, a Deputy High Court Judge has found, declining to set aside an English default judgment issued against a Lebanese businessman on the basis of personal guarantees that are unenforceable in Abu Dhabi.

22 September 2023

GRR Live, New York: in pictures

GRR Live returned to New York this week with a packed schedule that saw practitioners on the frontline of the major crypto bankruptcies discuss key lessons they have learned so far, and other panels delve into cross-border recognition issues, distressed financing in Latin America and an expected rise in commercial real estate restructurings.

22 September 2023

Greensill’s German and UK administrators go head to head over €40 million fund

Administrators can make Part 36 settlement offers under the UK’s Civil Procedure Rules in the context of a directions application, an English judge has ruled, in a case that reveals a dispute between Greensill’s UK and German officeholders over a €40 million fund.

20 September 2023

UAE bank turns to UK after Abu Dhabi court declares personal guarantees unenforceable

The English High Court has been asked to consider whether it can enforce two UAE judgment debts that became unenforceable in Abu Dhabi when a recent law limiting the use of personal guarantees was applied retroactively.

19 September 2023

GRR Live returns to New York next week

There is still time to secure a spot at GRR Live in New York, which returns next week with a packed schedule covering the ongoing crypto fallout, post-insolvency financings in Latin America, growing headwinds for cross-border recognition and the new Cayman Islands restructuring officer regime.

15 September 2023

Ares sued for ‘rigged’ sale of LATAM’s aircraft

A global investment manager is being sued for the second time in three years for allegedly implementing a “sham foreclosure sale” of a bankrupt airline's aircraft.

12 September 2023

Failed SPAC seeks Cayman liquidation as New York litigation looms

The voluntary liquidators of a failed SPAC that is facing a class action in New York have asked a Cayman Islands court to appoint them as official liquidators and supervise the company’s winding up.

08 September 2023

Judicial manager beats unfair prejudice application in Singapore

Singapore’s High Court has defined the test for creditors seeking to challenge the appointment of a judicial manager on unfair prejudice grounds under the Insolvency Restructuring and Dissolution Act for the first time, in a case concerning a subsidiary of Indonesian textile conglomerate Sritex.

07 September 2023

Mainstream and Ares settle Ch11 dispute in Texas

The Irish founder of a Chilean renewable energy group and its US lenders have tentatively settled a dispute over a Chapter 11 filing in Texas as part of an ownership battle that has led to litigation worldwide.

05 September 2023

Singapore court recognises Genesis subsidiary as foreign rep; creditors mount objections in the US

A wholly-owned subsidiary of cryptocurrency lender Genesis has obtained recognition as the lender’s foreign representative in Singapore under the UNCITRAL Model Law, as creditors mount objections to a recently-published restructuring agreement-in-principle in the US.

04 September 2023

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