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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
Getting Agencies ready for ipso facto reform

Agencies need to get ready for ipso facto reform by making changes to their contracts, funding agreements and contract administration practices.

Australian Government Agencies face constraints on their ability to terminate agreements where a contractor has entered into voluntary administration or certain other forms of insolvency procedure. The Treasury Laws Amendment (2017 Enterprise Incentives No 2) Act, which amends the Corporations Act 2001 (Cth):

Australia, Company & Commercial, Insolvency & Restructuring, Clayton Utz, Corporations Act 2001 (Australia)