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Timely amendments to UAE Bankruptcy Law introduced to cover emergency situations

Background

On 24 October 2020, the UAE Cabinet announced its decision to amend Federal Law No. 9 of 2016 (the "Bankruptcy Law") by adding certain provisions to allow for business continuity during emergency situations, including pandemics and natural disasters. This is a timely amendment to the Bankruptcy Law and has been introduced in response to the COVID-19 global pandemic.

United Arab Emirates, Insolvency & Restructuring, Herbert Smith Freehills LLP, Coronavirus
That’s Gold: Federal Court gives Gascoyne DOCA the green light

On 29 September 2020, the Federal Court of Australia published its much anticipated decision in Habrok (Dalgaranga) Pty Ltd v Gascoyne Resources Ltd [2020] FCA 1395, dismissing Habrok’s attempt to set aside a Deed of Company Arrangement (DOCA). The DOCA had been the culmination of a 15 month administration, and facilitated the recapitalisation, refinance, and relisting of the gold miner Gascoyne Resources Ltd (GCY) and its subsidiaries (together with GCY, the GCY Group).

Australia, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Private equity, Australian Securities Exchange
New CGT withholding measures from 1 July 2016

Snapshot

Australia, Banking, Insolvency & Restructuring, Real Estate, Tax, Herbert Smith Freehills LLP, Withholding tax, Capital gains tax
Secured creditors are entitled to a priority over preference claim recoveries where employee entitlements have been paid out of secured assets

In brief

The recent decision of Divitkos, In the matter of Ex DVD Pty Ltd (In liquidation) has paved the way for secured creditors who pay employee entitlements out of secured assets to receive a priority for that payment from preference claims recovered in a subsequent liquidation.

Summary

Australia, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Liquidation, Secured creditor
An important decision for liquidators of trustee companies – there is a power of sale

In brief

Australia, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Liquidation, Liquidator (law), Trustee
Amendments to the insolvency regime in the Qatar Financial Centre

Important revisions to the insolvency legislation in the Qatar Financial Centre ("QFC") came into effect on 22 December 2013.

Qatar, Insolvency & Restructuring, Herbert Smith Freehills LLP
Key PPSA decision: NSWSC confirms vesting of unperfected lessor's interest following insolvency of lessee

In the matter of Maiden Civil (P&E) Pty Ltd; Richard Albarran and Blair Alexander Pleash as receivers and managers of Maiden Civil (P&E) Pty Ltd & Ors v Queensland Excavation Services Pty Ltd & Ors [2013] NSWSC 852

Overview

Australia, New South Wales, Banking, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Collateral (finance), Interest
Supreme Court highlights transitional security interest controversy

There is a recognised ambiguity in the transitional provisions of the Personal Property Securities Act 2009 (Cth) (PPSA),relating to the issue of whether an ‘umbrella agreement’, governing the supply of goods on retention of title (RoT) terms entered into prior to 30 January 2012, will be an effective transitional security interest.

Australia, Western Australia, Banking, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Title retention clause
Recognition of a receiver's right to assert privilege as against a mortgagor company

Summary

In Carey v Korda [2012] WASCA 228, the Western Australian Supreme Court of Appeal (Court) has provided a timely confirmation that legal advisers engaged by receivers to provide advice in relation to a receivership are properly viewed as advisers to the receivers as principal, and not the mortgagor company.

The decision will no doubt be welcomed by insolvency practitioners, as it confirms that the legal advice, and the right to invoke the associated privilege, belongs to the receivers, not the mortgagor company.

Australia, Western Australia, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, South Africa Supreme Court of Appeal
Dubai government releases details of a tailor-made restructuring process

At the same time as announcing that the Nakheel sukuk due for repayment on 14 December would be repaid in full, the Dubai government stated that it would pass a reorganisation law for the Dubai World group in case that group is unable to achieve an acceptable restructuring of its remaining obligations. The details of that new law have now been released in the form of Dubai Decree No. 57 for 2009 (the Decree).

The Decree is significant in two respects:

United Arab Emirates, Insolvency & Restructuring, Herbert Smith Freehills LLP, Injunction, Debt, Common law, Best practice, Dubai International Financial Centre, Civil Procedure Rules (UK), High Court judge (England and Wales)