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.
On March 22, the United States Court of Appeals for the Third Circuit issued a decision that could significantly impact the rights of secured creditors to credit bid in connection with Chapter 11 asset sales under a plan of reorganization.
USA, Insolvency & Restructuring, Litigation, Katten Muchin Rosenman LLP, Bankruptcy, Credit (finance), Debtor, Collateral (finance), Debt, Dissenting opinion, Secured creditor, Leverage (finance), Secured loan, Chief executive officer, United States bankruptcy court, Third Circuit, US District Court for Eastern District of Pennsylvania