This Update is produced on a monthly basis. It provides an update on new legislation in certain Middle East countries (Bahrain, Egypt, Jordan, the Kingdom of Saudi Arabia, Kuwait, Qatar, the Sultanate of Oman and the United Arab Emirates) where SNR Denton has offices. We also include Turkey and Lebanon updates from our affiliate and associate firms in Istanbul and Beirut respectively.
Year in Review - United Arab Emirates Law in 2016
On 13 June 2019 the new Insolvency Law(DIFC Law No. 1 of 2019) and the associated Insolvency Regulations 2019 (the “Law”) came in to effect in the Dubai International Finance Centre (“DIFC”) repealing and replacing the DIFC’s Insolvency Law of 2009 (the “Old Law”).
In general, creditors in Montenegro may secure their claims by various types of security over debtors’ assets, such as pledge (zaloga), mortgage (hipoteka), suretyship (jemstvo), bills of exchange (menica), etc.
Assurantieportefeuille geen voor overdracht en verpanding vatbaar goed
Civiel
As mentioned in our earlier blog, the Dutch legislator has prepared a bill – the Act on confirmation of private restructuring plans (Wet homologatie onderhands akkoord) – which introduces a framework allowing debtors to restructure their debts outside formal insolvency proceedings (the “Dutch Scheme“).
A mortgage bank has the power to foreclose and sell the collateral if the debtor is in default. However, this power does not apply in full. There is a risk of abuse of power in this respect. The circumstances, motives and actions of the parties play a major role in this. In this situation, the interests of the mortgage bank and the debtor are diametrically opposed. The mortgage bank has an interest in claiming the outstanding claim and the debtor has an interest in maintaining his immovable property.
De Raad voor Onroerende Zaken ("ROZ") heeft op 4 juni 2018 een nieuw model voor de bankgarantie gepubliceerd. Het model voor de bankgarantie en de handleiding daarbij zijn te downloaden via de website van de ROZ.
Claiming damages for the loss/harm sustained by a lessor as a result of the lessee’s insolvency (i.e. ”loss owing to vacancy” [leegstandschade]) is an issue that comes up again and again. The Dutch Supreme Court has rendered a series of rulings on this matter, the most recent of which dates from 17 February 2017. On 3 July 2018, the Court of Appeal in The Hague delivered its judgment after the case had been referred back to it.