On 31 October 2023, Federal Law No. 51 of 2023 Promulgating the Financial and Bankruptcy Law (the Bankruptcy Law) was published in the United Arab Emirates (UAE) Official Gazette, repealing the prior federal law on bankruptcy (Federal Law No. 9 of 2016, the Prior Law) and significantly developing the bankruptcy regime in the UAE.
On 5 July 2023, the High Court sanctioned the restructuring plan proposed by Prezzo Investco Limited (theCompany) despite opposition from HMRC.
United Kingdom, Company & Commercial, Insolvency & Restructuring, Freshfields Bruckhaus Deringer, HM Revenue and Customs (UK)
On 16 May 2023, Mr Justice Adam Johnson in the High Court refused to sanction the restructuring plan proposed by The Great Annual Savings Company Limited (GAS) following objections from HMRC.
United Kingdom, Insolvency & Restructuring, Litigation, Tax, Freshfields Bruckhaus Deringer, HM Revenue and Customs (UK)