Part 1: Preventative composition as a restructuring tool

As commercial companies in the UAE grapple with increasing inflation and interest rates, constraints to supply chains and labour market challenges, it seems inevitable that the number experiencing financial distress will rise. 

The recent interim decision of the Federal of Australia in Michele Bottiglieri Armatore SPA, Michele Bottigliere Armatore S.P.A [2021] FCA 795 highlights the Australian courts' willingness to recognise cross-border insolvencies in the context of foreshadowed arrests of vessels entering Australian waters.