In the wake of the high profile collapse of the private equity firm Abraaj Capital, the Dubai International Financial Centre (“DIFC”) updated its insolvency regime with the introduction on June 13, 2019 of the new DIFC Insolvency Law (Law No.1 of 2019) (the “DIFC Insolvency Law”).

With the significant strain placed on market participants as a result of the combined impacts of the global COVID-19 pandemic, the oil price war and the ensuing liquidity and credit crunches, we expect that a number of enterprises in the United Arab Emirates ("UAE") will either be forced to carry out restructurings or otherwise undergo formal court-supervised insolvency processes.

On 7 November 2014, OW Bunker A/S (“OW”), a global supplier and trader of marine fuel, filed for bankruptcy in Denmark. Further bankruptcies of OW subsidiaries and affiliates swiftly followed, including the bankruptcy of certain U.S. and Singapore-based OW entities.

In Gulf International Bank v Al Ittefaq Steel Products Co and others [2010] EWHC 2601 (QB), the High Court set out the factors that must be taken into account by the court when exercising its discretion to extend time for payment of sums due following an admission.

The case of D/S Norden A/S v Samsun Logix Corp & Ors [2009] EWHC 2304 (Ch) concerned international co-operation in insolvency proceedings under the UNCITRAL model law on cross-border insolvency. S was subject to insolvency proceedings in Korea. The English court, having recognised the Korean insolvency proceedings, had granted a stay on creditors issuing proceedings against S and its property.

In DHL GBS (UK) Ltd v Fallimento Finmatica Spa – Butterworths Law Direct 20.2.09 the Commercial Court gave its first decision on the issues dealt with by the ECJ in the Front Comor.