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New UAE Bankruptcy Law - Key Features You Need to Know

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.

United Arab Emirates, Insolvency & Restructuring, Akin Gump Strauss Hauer & Feld LLP
Sovereign Debt Restructuring. Stay of Proceedings. District court grants stay of proceedings for breach of contract claim against Sri Lanka pending restructuring negotiations with bilateral and private commercial creditors.

Hamilton Reserve Bank Ltd. v. Sri Lanka, No. 22-cv-5199 (S.D.N.Y. Nov. 1, 2023) [click for opinion]

USA, Insolvency & Restructuring, Litigation, Baker McKenzie
BlockFi Unsecured Creditors Seek to Liquidate the Company and End the “Extortion”

On June 27, 2023, the Official Committee of Unsecured Creditors (the “Committee”) in the BlockFi Chapter 11 bankruptcy reorganization case filed an Objection to the company’s Plan and essentially requested that the company be liquidated. The Official Committee is made up largely of 600,000 individual customers of BlockFi.

USA, Insolvency & Restructuring, Litigation, Baker McKenzie, FTX
SEC Agrees to Let Company Investors be Paid First in BlockFi Bankruptcy

BlockFi is a wealth management and trading firm for cryptocurrency holders that first commenced operations in 2017. In July 2021, we wrote about BlockFi’s bumpy road to going public, even though its valuation had just hit $5 billion.

USA, Capital Markets, Insolvency & Restructuring, Litigation, Baker McKenzie, Blockchain, Cryptocurrency, FTX
Interest Rates. Currency of Judgment. New York state court holds that interest rate set in bankruptcy proceeding controls over contractual interest rate and that New York law requires a New York judgment be rendered in U.S. dollars.

Lehman Bros. Int'l (Europe) (In Admin.) v. AG Fin. Prod., Inc., No. 653284/2011 (Sup. Ct. N.Y. County May 17, 2023) [click for opinion]

USA, Derivatives, Insolvency & Restructuring, Litigation, Baker McKenzie, International Swaps and Derivatives Association
Arbitration. Confirmation of Award. District court confirms arbitration award of $2 million in fees and costs to prevailing party and refuses sanctions against petitioner who sought to vacate the award.

Cognac Ferrand S.A.S. v. Mystique Brands LLC, No. 20 Civ. 5933 (S.D.N.Y. Jan. 31, 2021) [click for opinion]

USA, Arbitration & ADR, Insolvency & Restructuring, Litigation, Baker McKenzie, US District Court for the Southern District of New York
Bankruptcy. Discovery. Sanctions. Bankruptcy court sanctions attorney for failing to make reasonable efforts to obtain discovery materials held outside the U.S. by incarcerated debtor's agents and attorneys.

In re Markus, 607 B.R. 379 (Bankr. S.D.N.Y. 2019) [click for opinion]  

USA, Insolvency & Restructuring, Litigation, Baker McKenzie, Bankruptcy, Debtor, Title 11 of the US Code, United States bankruptcy court
Whirlpool Corporation v. HHGreg, Inc. (In re HHGregg, Inc.)

(Bankr. S.D. Ind. Dec. 4, 2017)

The bankruptcy court grants the motion to dismiss, finding the defendant’s security interest in the debtor’s assets, including its inventory, has priority over the plaintiff’s reclamation rights. The plaintiff sold goods to the debtor up to the petition date and sought either return of the goods delivered within the reclamation period or recovery of the proceeds from the sale of such goods. Pursuant to 11 U.S.C. § 546(c), the Court finds the reclamation rights are subordinate and the complaint should be dismissed. Opinion below.

USA, Insolvency & Restructuring, Litigation, Stoll Keenon Ogden PLLC, Debtor, United States bankruptcy court
In re Dickson

(Bankr. E.D. Ky. Nov. 22, 2017)

USA, Kentucky, Insolvency & Restructuring, Litigation, Stoll Keenon Ogden PLLC
Bankruptcy opinions within a day or two of issuance from the Western and Eastern Districts of Kentucky, the Northern and Southern Districts of Indiana, the Sixth and Seventh Circuits, and the U.S. Supreme Court

(B.A.P. 6th Cir. Nov. 28, 2017)

The Sixth Circuit B.A.P. affirms the bankruptcy court’s dismissal of the Chapter 12 bankruptcy case. The court finds that the bankruptcy court failed to give the debtor proper notice and opportunity to be heard prior to the dismissal. However, the violation of due process was harmless error. The delay in filing a confirmable plan and continuing loss to the estate warranted the dismissal. Opinion below.

Judge: Preston

Attorney for Appellant: Heather McKeever

USA, Insolvency & Restructuring, Stoll Keenon Ogden PLLC, Bankruptcy, Supreme Court of the United States, United States bankruptcy court, Sixth Circuit, Seventh Circuit