The ruling confirmed that Section 423 of the Insolvency Act 1986 has extensive international reach, and does not require a transaction at an undervalue to leave the debtor with insufficient assets.
Background
United Kingdom, Banking, Insolvency & Restructuring, Litigation, Latham & Watkins LLP, Small Business Administration (USA)
Legislation seeks to balance debtor and creditor needs and help businesses and investors operate with confidence in the Middle East.
On 11 June 2019, the Dubai International Financial Centre (DIFC) introduced a new insolvency law (DIFC Insolvency Law No. 1 of 2019 and associated DIFC Insolvency Regulations 2019), which became effective on 13 June.