Introduction
What happens when monies are loaned for a specific purpose but that purpose fails? Should those monies fall within the general assets of the recipient upon bankruptcy or insolvency?
Hong Kong, Insolvency & Restructuring, Litigation, Charles Russell Speechlys, Barclays, HM Treasury (UK)
Why are bankruptcy laws needed?
Over the past couple of years, there have been a wave of new insolvency and bankruptcy laws introduced in the GCC. With the exception of Qatar and Kuwait, all other GCC countries have now introduced new bankruptcy laws. As for Oman, its new bankruptcy law is due to come into effect on 1 July 2020.
United Arab Emirates, GCC, Construction, Insolvency & Restructuring, Charles Russell Speechlys, General contractor