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.
Briefings
Navigating the tension between private dispute resolution and insolvency class actions, March 2018
In Lasmos Limited v. Southwest Pacific Bauxite (HK) Limited1, the Hong Kong Court of First Instance dismissed a winding-up petition based on an unsatisfied statutory demand.
The Hong Kong Court of First Instance (CFI) has issued a judgment1 examining the instances in which the Hong Kong courts will exercise their jurisdiction to wind-up a foreign company.
In a welcome decision the CFI has made it clear that, given certain conditions, creditors will be able to enlist the winding-up jurisdiction of the Hong Kong courts in order to exert pressure on foreign companies which refuse to pay their debts.
In The Joint Provisional Liquidators of BJB Career Education Company Limited (In Provisional Liquidation) v Xu Zhendong1, the Court of First Instance considered the Hong Kong courts' common law powers to recognise and assist foreign courts and insolvency practitioners overseeing non-Hong Kong insolvency proceedings.
The questions considered by the court were: