United Arab Emirates

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Dubai Realtor S&K Says Worsening Market Led To Bankruptcy

Dubai-based real estate agency S&K Estate Agents said a deteriorating property market in the emirate contributed to its decision to file for bankruptcy and be liquidated, Reuters reported. "Simply put, the revenue being generated by the business ...

Daily Headline - global.abi.org - 07/28/2015 - 20:21 - 0 comments

Drydocks World Taps Citibank To Advise On $2.3 Billion Debt

Drydocks World has called in the American financial group Citibank to help it refinance its US$2.3 billion of debt, The National reported. DDW, under the chairmanship of Abdulrahman Al Saleh, the director general of the Dubai Department of Finance, h ...

Daily Headline - global.abi.org - 07/12/2015 - 23:40 - 0 comments

UAE Moves Towards Enacting New Insolvency Law

The long-awaited new insolvency law has taken a big step towards becoming a reality after being approved by the Cabinet, The National reported. Sheikh Mohammed bin Rashid, Prime Minister and Ruler of Dubai, said on his website that the proposed draft ...

Daily Headline - global.abi.org - 07/06/2015 - 18:51 - 0 comments

Drydocks World Creditors Anticipate Debt Restructuring Plans

Bank creditors to Drydocks World (DDW), Dubai’s maritime engineering business, are expecting to receive proposals from the government-owned company to restructure some of the US$2.3 billion debt it refinanced in 2012, The National reported. Recent ta ...

Daily Headline - global.abi.org - 06/28/2015 - 20:31 - 0 comments

Hadef & Partners Legal Highlights

35 YEARS LEADING THE UAE LEGAL PROFESSION Just as the UAE has grown and developed since its formation in 1971, so have we. This year Hadef & Partners celebrates 35 years since its formation. In this our first newsletter of 2015, we would like to ex ...

Resource Article - twallace@abiwor... - 04/06/2015 - 08:43 - 0 comments - 0 attachments

Secured Creditors Of Espirito Santo Dubai Unit To Get 82.7 Percent Payout

Liquidators for ES Bankers (Dubai) Ltd (ESBD) have estimated they will pay out 82.7 percent of the $93.5 million owed to depositors in the stricken bank, advisory firm Deloitte said on its website, Reuters reported. However, unsecured creditors of the Du ...

Daily Headline - global.abi.org - 03/23/2015 - 20:36 - 0 comments

UAE Insolvency Law Closer To Reality

At the start of a new year, the UAE’s lawyers, bankers, small business owners and, indeed, government officials, are still waiting for the country’s new insolvency bus – sorry, law –to arrive. But the signs are that after many years of standing at the bu ...

Daily Headline - global.abi.org - 01/28/2015 - 22:37 - 0 comments

UAE Insolvency Law: Priority For Business Growth

Towards the end of last year, it was announced that the UAE’s long anticipated reform of the insolvency reform bill was reaching its final stages prior to implementation, Emirates 24/7 reported. The legal framework was drawn up following the establishmen ...

Daily Headline - global.abi.org - 01/25/2015 - 22:36 - 0 comments

Dubai's Limitless Nears Creditor Assent For Debt Extension

Dubai government-owned property developer Limitless has secured the agreement of 85 percent of its creditors for a three-month extension to a debt repayment due at the end of 2014 and for a proposed restructuring plan, its chairman said, Reuters reported ...

Daily Headline - global.abi.org - 01/21/2015 - 23:32 - 0 comments

Dubai World Gets Majority Creditor Backing For $14.6 Billion Debt Deal

State-owned conglomerate Dubai World edged closer to a second major restructuring in four years on Monday after announcing it had reached agreement with a "substantial majority" of creditors to back its $14.6 billion debt deal, Reuters reported ...

Daily Headline - global.abi.org - 01/13/2015 - 01:40 - 0 comments

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