It has long been the law that creditors are rarely entitled to contractually prohibit a debtor from filing for bankruptcy, whether such restriction is contained in the debt instruments or in the corporate governance documents. In contrast, governance provisions which condition a bankruptcy filing on the vote or consent of certain equity holders that are unaffiliated with any creditor are frequently enforced. Many equity sponsors, for example, wear two hats: they are both shareholders and lenders to their portfolio companies.
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
In Nortel Networks, Inc., Case No. 09-0138(KG), Doc. No. 18001 (March 8, 2017), the Delaware Bankruptcy Court ruled on the objections of two noteholders who asked the Court to disallow more than $4.4 million of the $8.1 million of the fees sought by counsel to their indenture trustee. Given the detailed rulings announced by the Court, the decision may establish a number of guidelines by which future fee requests made by an indenture trustee’s professionals will be measured.
Matters Handled by the UCC
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
“The question that he frames in all but words
Is what to make of a diminished thing.”
Robert Frost, “The Oven Bird”
In a significant expansion of the potential risk for distressed claims traders, the Delaware bankruptcy court has recently ruled1 that traders who engage in insider trading may have their claims subordinated to equity, and that traders who amass claims sufficient to block a plan of reorganization owe fiduciary duties to all other creditors and shareholders during plan negotiations.