At first blush, it may seem counterintuitive for financiers to compete to provide loans to debtor companies that have just filed for protection under an insolvency or restructuring procedure, but they have been proven to do so on a large scale in US Chapter 11 cases and for a variety of reasons, whether to protect an existing loan position or taking an opportunity to garner significant, safe returns as a new lender.
Ministerial Decisions
Issuing the Executive Regulations of Sultani Decree No. 31/96 on determining the rules for investing the funds of the Public Authority for Social Insurance and pension funds.
A list of the state pension funds to which these regulations apply is given in Article 2 of this decision.
Issued on 13 June 2017. Effective from the day after the publication date.
Issuing the licensing and working system at the site of the customs territory in the Special Economic Zone at Duqm.
Ministerial Decisions
Ministry of Manpower
Ministerial Decision No. 187/2017
Continuing the suspension of permits for the temporary recruitment of non-Omani manpower in certain professions. Permits are to be suspended for salesmen/marketing professionals and purchasing representatives, as specified in MD 608/2013 and MD 381/2016. The suspension period is to be extended by a further 6 months with effect from 1 June.
Issued on 29 May 2017.
Ministerial Decision No. 188/2017
Sultani Decrees
Sultani Decree No. 1/2017 Ratifying the General Budget of State for Fiscal Year 2017 Enacted on 1 January 2017. Effective from 1 January 2017
Ministerial Decisions
Diwani Decision No. 39/2016 Naming members of the Municipal Council, Muscat Governorate, for the second term. Issued on 28 December 2016
Ministerial Decision No. 165/2016 Publishing the Final Account of the State for Fiscal Year 2015. Issued on 21 December 2016
Ministerial Decisions
Ministerial Decision No. 261/2016 Amending Ministerial Decision No. 1020/2009 (on rights of audience for Omani and non-Omani lawyers). This decision extends the period within which non-Omani lawyers may have a right of audience before the Appeal Courts and Supreme Court to 31 December 2020. Issued on 22 December 2016. Effective from 1 January 2017
Royal Orders Conferring Honours
Order conferring the Sultan Qaboos Award for Culture, Science, Arts and Literature (First Class) to HE Dr. Hamadoun Touré, former Secretary-General of the International Telecommunication Union (ITU), in recognition of his efforts in the service of the ITU and the achievement of its objectives. Issued on 7 December 2016.
Ministerial Decisions
Ministerial Decisions
Ministerial Decision No. 212/2016 Issuing the Regulations on cultural initiatives Issued on 5 December 2016. Effective from the day after its publication date
Ministerial Decision No. 238/2016 Determining the fees for enrolment in the table of lawyers Issued on 1 December 2016. Effective from the day after its publication date
In In re KB Toys Inc.,1 the US Court of Appeals for the Third Circuit affirmed the holdings of the lower courts that claims subject to disallowance under Section 502(d) of the Bankruptcy Code are “similarly disallowable in the hands of the subsequent transferee.” According to the Third Circuit, when a creditor owes property to the estate, until that property is returned to the estate, that creditor’s claim, regardless of who holds it, is impaired, and the subsequent sale of that c
On April 16, 2013, in Morning Mist Holdings Ltd. v. Krys (In re Fairfield Sentry Ltd.),1 the US Court of Appeals for the Second Circuit issued an important decision informing fundamental concepts of cross-border insolvency law as implemented pursuant to Chapter 15 of the Bankruptcy Code.
On May 4, 2012, the Delaware bankruptcy court inIn re KB Toys, Inc., et al. (KB Toys), handed down a thoughtful decision addressing the issue of whether impairments attach to a claim or remain with its seller. The KB Toys court held that “a claim in the hands of a transferee has the same rights and disabilities as the claim had in the hands of the original claimant. Disabilities attach to and travel with the claim.”