In yet another example of the Dubai International Financial Centre (DIFC) making its company and insolvency law even more versatile, the DIFC has introduced a mechanism which will operate in a similar manner to a scheme of arrangement under English law. The law came into effect on 12 November 2018.
Key terms
In September 2018 the Dubai International Financial Centre Authority (“DIFCA”) announced that it proposes to replace its current insolvency law with a new law to update the insolvency regime in the Dubai International Financial Centre (“DIFC”) and that it has launched a consultation in relation to the same.
Why are changes proposed?
In the recent decision of Michael J Lonsdale (Electrical) Limited v Bresco Electrical Services Limited (In Liquidation) [2018] EWHC 2043 (TCC), Fraser J found that parties cannot resolve their disputes by means of adjudication where a company in liquidation and its counterparty both claim a pre-liquidation entitlement to payment of money by the other.
Over the Bank holiday weekend, the UK government announced that it intends to introduce new legislation to implement certain measures (detailed below) as soon as parliamentary time permits.
On 15 January 2018, the UK’s second largest contractor filed for compulsory liquidation.
Shortly after, the Insolvency Service reported that there had been 2,668 insolvencies in the construction sector in the twelve months ended Q1 2018—more than any other sector.
In an important new English Court of Appeal judgment in LBI EHF v Raiffeisen Bank International AG [2018] EWCA Civ 719 (11 April 2018), Lord Justice Flaux approved and expanded the earlier High Court judgment of Mr Justice Knowles CBE in LBI EHF (in winding up) v Raiffeisen Zentralbank Osterreich [2017] EWHC 522 (Comm) (20 March 2017) on the correct meaning and treatment of t
- On January 12, 2018, the Federal Court of Appeal (“FCA”) delivered its judgment in North Shore Power Group Inc. v.
On March 1, 2018, Canada Deposit Insurance Corporation (CDIC) released its updated Guidance on the Exercise of Eligible Financial Contracts Close-out Rights in a Resolution Scenario.
Le 1er mars 2018, la Société d’assurance-dépôts du Canada (la « SADC ») a publié la mise à jour de son document d’orientation intitulé Droits de résiliation de contrats financiers admissibles en situation de règlement de faillite. Ce nouveau document d’orientation reflète les modifications apportées aux dispositions de la
5 What will happen if a Type A event occurs? If a Type A event occurs without appropriate steps being taken there can be a number of consequences. (i) Impact on relationship with pension scheme trustees Pension schemes have long term liabilities. Sponsoring employers therefore generally expect to have a long term relationship with the trustees of their scheme. That relationship could be damaged if a Type A event occurs and the trustees are not kept informed or if they consider that their concerns about such events have not been addressed.