Since the global financial crisis, the Middle East restructuring and insolvency market has come a long way. Having sought to reduce their economies' dependency on oil revenues and become more attractive to international investors, the United Arab Emirates (UAE) and the Kingdom of Saudi Arabia (KSA) in particular have significantly developed the restructuring and insolvency toolbox available to creditors and debtors alike.
The Arrium Series
Welcome to issue #2 of our Arrium Series, where senior members of the Baker McKenzie team involved in the successful defence of proceedings against the former CFO, former Treasurer and other former employees of the Arrium Group, consider key issues arising in those and related insolvent trading proceedings and from the judgment handed down on 17 August 2021.
In brief
With the courts about to consider a significant and long standing controversy in the law of unfair preferences, suppliers to financially distressed companies, and liquidators, should be aware that there have been recent significant shifts in the law about getting paid in hard times.
A recent England and Wales High Court decision demonstrates the increasingly litigious nature of Court-supervised restructuring processes. It also addresses the Court’s approach to whether foreign recognition risks represent a ‘blot’ on a proposed scheme of arrangement so that the Court should decline sanction ('the recognition/blot question').
In brief
At A Glance
This past month, the Supreme Court overturned the Court of Appeal’s decision in Triple Point Technology Inc v PTT Public Company Ltd[2021] UKSC 29, and most notably, found that liability for liquidated damages survives termination of the contract and extends to work that was not completed as at the date of termination.
Background
In brief
Against the backdrop of the COVID-19 pandemic and soon-to-be-rescinded government support schemes, local principal Emmanuel Chua and associate Shriram Jayakumar at Baker & McKenzie Wong & Leow in Singapore discuss three key trends to look for in the “new normal.”
Contents
In brief
Following the substantial impact of the COVID-19 pandemic on global trade and business operations in the UAE, the Government of the UAE has taken measures to protect businesses facing financial difficulty. Among these measures has been a mechanism that provides relief to businesses in financial distress because of the pandemic within the framework of the UAE Federal Bankruptcy Law No. 9 of 2016 (the Bankruptcy Law).
Against the backdrop of the covid-19 pandemic and soon-to-be-rescinded government support schemes, local principal Emmanuel Chua and associate Shriram Jayakumar at Baker & McKenzie Wong & Leow in Singapore discuss three key trends to look for in the “new normal”