The New Bankruptcy Law (Federal Law Decree No 51 of 2023) came into effect in UAE on 1 May 2024, replacing the previous law (Federal Decree-Law No 9 of 2016). While maintaining much of the old law's structure, it introduces significant changes for creditors and debtors, including the recognition of both natural and legal persons as 'debtors'. The law retains emergency financial crisis provisions from the old law and is expected to impact restructuring and insolvency cases in the UAE.

Introduction

Orexim Trading Limited v (1) Mahavir Port and Terminal Private Limited ("MPT") (2) Singmalloyd Marine (S) PTE Limited ("Singmalloyd") (3) Zen Shipping and Ports India Private Limited ("Zen") [2018]

In a decision that will be of particular interest to creditors and insolvency practitioners contemplating section 423 Insolvency Act claims against defendants based outside the EU, the Court of Appeal has refused a claimant permission to serve a claim out of the jurisdiction.