Saudi Arabia recently published a new Bankruptcy Law. This is the latest development of a string of reforms under Vision 2030 to further encourage the participation of foreign and domestic investors by structuring the business legal framework. This article provides a general analysis of the new bankruptcy law and its implications for businesses operating in the Kingdom.

Hopefully you have received previous updates from us in relation to the Channel Islands Stock Exchange (CISX) and the proposed restructuring of the CISX.

Guernsey scheme of arrangement

I am pleased to confirm that we now have confirmation that the restructure of the CISX by way of a scheme of arrangement was approved by the Royal Court in Guernsey last Friday.

The recent decision of the English High Court in the case of Fry v Sherry [2012] (In the matter of Ruscoe Ltd (In Liquidation)) serves as a timely reminder of the potential personal liabilities faced by directors should they breach their fiduciary duties. 

Summary of the facts