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Revisiting the DIFC Insolvency Law in the Context of the COVID-19 Crisis: An Innovative Toolkit for the Turnaround of Troubled Enterprises

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”).

United Arab Emirates, Insolvency & Restructuring, Dechert LLP, Private equity, Coronavirus
The UAE Bankruptcy Law: Stepping up to the challenges raised by the COVID-19 crisis

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.

United Arab Emirates, Insolvency & Restructuring, Dechert LLP, Private equity, Coronavirus
Commercial Court in London Reinforces Practice of Freezing Orders Requiring Disclosure of All of a Respondent’s Assets

The recent decision of the London Commercial Court in PJSC Tatneft v Gennady Bogolyubov & Ors [2018] EWHC 1314 (Comm) highlights the importance that the Court will attach to full asset disclosure by a respondent to ensure the effectiveness of a freezing order, even in circumstances where the value of a respondent’s assets exceeds the sum frozen by the order.

Freezing Orders: What Are They?

United Kingdom, Insolvency & Restructuring, Litigation, Dechert LLP, Asset freezing, High Court of Justice (England & Wales)