On 10 October, the Dubai Court of First Instance issued a potentially ground-breaking judgment in respect of directors’ liability in the context of corporate insolvency.
In particular, in the matter of the liquidation of the public company Marka PJSC (“Marka”), the Court held the company’s board of directors and managers personally and jointly liable for the company’s outstanding debts, totalling close to AED 450 million.
United Arab Emirates, Company & Commercial, Insolvency & Restructuring, Litigation, Bird & Bird LLP, Public company, Bankruptcy, Board of directors, Liquidation, Corporate liability, Directors' duties, Dubai International Financial Centre, Abu Dhabi Global Market, Companies Act
A recent decision of Justice Rees of the Supreme Court of New South Wales confirms the importance of keeping proper financial books and records in the context of insolvency.
Australia, Company & Commercial, Insolvency & Restructuring, Litigation, Bird & Bird LLP, Board of directors, Australian Securities and Investments Commission, Corporations Act 2001 (Australia)