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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
A matter of trust: Australian court enforces interium measures to secure the amount in dispute

A recent judgment of the Supreme Court of Western Australia, Dalian Huarui Heavy Industry International Company Ltd v Clyde & Co Australia [2020] WASC 132 (available here), demonstrates that the use of interim measures to provide security for an amount in dispute can be a very powerful remedy when structured through the creation of a trust.

Australia, Singapore, Arbitration & ADR, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Singapore International Arbitration Centre, Corporations Act 2001 (Australia)
The chronicles of Insigma: the latest installment

Alstom v Insigma, the (in)famous SIAC arbitration administered under ICC rules, was recently up for yet another round of judicial sparring following years of proceedings in several fora, which left Alstom Technology Limited (“Alstom”) with a HK$261 million award but limited assets against which to execute.

Hong Kong, Arbitration & ADR, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Alstom
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
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)
Dubai World - 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, Debt, Common law, Best practice, Promulgation, Dubai International Financial Centre, High Court judge (England and Wales)