Payment Orders were originally introduced in the CPC as a fast track route for creditors holding a financial instrument, such as a letter of credit or cheque, to obtain judgment against their debtor for what is a simple and indisputable debt. Payment Orders were rarely issued by the onshore UAE courts. In 2018, Cabinet Resolution No 57 of 2018 (the “2018 Cabinet Resolution”) significantly expanded the scope of application of Payment Orders by extending them to all admitted debts rather than simply those arising out of financial instruments only.

This article was initially published in The Bond Buyer and is part of a larger piece that will be published in April in the Journal of Bankruptcy.

*This article was initially published on The Street

*This article was initially published in The Hill

Following the lead of the Illinois Supreme Court in In re Pension Reform Litigation, 2015 IL 118585 [see Illinois and New Jersey Pension Decisions: Implications for Bondholders], Judge Rita Novak of the Circuit Court of Cook County has ruled that an Illinois law modifying provisions of Chicago’s pension statute violated the Illinois Constitution.

Two important and very different decisions regarding public pensions were recently issued by the Supreme Court of Illinois and the Supreme Court of New Jersey. These decisions are significant not only for the workers and taxpayers in these States, but also for the owners and insurers of municipal bonds issued in these States.

ILLINOIS