On 31 October 2023, Federal Law No. 51 of 2023 Promulgating the Financial and Bankruptcy Law (the Bankruptcy Law) was published in the United Arab Emirates (UAE) Official Gazette, repealing the prior federal law on bankruptcy (Federal Law No. 9 of 2016, the Prior Law) and significantly developing the bankruptcy regime in the UAE.
Executive Summary
In a radical departure from settled case law, the English High Court has eroded the protections of English law creditors guaranteed by the Rule in Gibbs1 .
Ireland, United Kingdom, Insolvency & Restructuring, Litigation, Tax, Katten Muchin Rosenman LLP, Supply chain, HM Revenue and Customs (UK), UK Supreme Court
Intercreditor Distressed Disposal Provisions: Pragmatic Decision Provides Certainty for Stakeholders
Executive Summary
Investors in LMA-based intercreditor agreements1 (ICA) should be reassured by the commercial approach recently taken by the High Court in construing the "Distressed Disposal" provisions (DD Provisions).