The Abu Dhabi Global Market (the “ADGM”) courts have recently handed down their decision in NMC Healthcare Limited & Others v Shetty & Others ([2024] ADGMCFI 0007). The decision deals with several important principles in relation to fraudulent/wrongful trading liabilities under ADGM law. Given the ADGM re-domiciliation (or continuation) regime, enabling companies incorporated elsewhere to be redomiciled to ADGM with relative ease, the decision is likely to be of interest beyond the borders of the ADGM.

Since the global financial crisis, the Middle East restructuring and insolvency market has come a long way. Having sought to reduce their economies' dependency on oil revenues and become more attractive to international investors, the United Arab Emirates (UAE) and the Kingdom of Saudi Arabia (KSA) in particular have significantly developed the restructuring and insolvency toolbox available to creditors and debtors alike.