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    UAE Bankruptcy Law Update - Emergency Financial Crisis
    2021-03-08

    On 22 October 2020, the UAE government made various changes to the UAE Bankruptcy Law*, including the concept of Emergency Financial Crisis (EFC). Subsequently, on 10 January 2021, the UAE Cabinet declared the existence of an EFC in the UAE. In this article, Partners Michael Morris and Keith Hutchison explore how this declaration may impact on debtors and creditors.

    Emergency Financial Crisis

    One of the key changes implemented was a power given to the UAE Cabinet to declare an EFC. An EFC is defined as:

    Filed under:
    United Arab Emirates, Insolvency & Restructuring, Litigation, Clyde & Co LLP, Bankruptcy
    Authors:
    Keith Hutchison
    Location:
    United Arab Emirates
    Firm:
    Clyde & Co LLP
    The Business Rescue Practitioner: Captain of the sinking ship
    2020-05-28

    It is imperative that companies in financial distress prioritise their continued existence and consider business rescue as an alternative to liquidation. Business rescue is a robust procedure that allows South African companies in financial distress or trading in insolvent circumstances to file for business rescue and with the assistance of a business rescue practitioner, reorganise and restructure the business with the aim of returning it to a more stable and profitable entity.

    Filed under:
    South Africa, Insolvency & Restructuring, Litigation, Clyde & Co LLP, Board of directors
    Authors:
    Lauren Fine
    Location:
    South Africa
    Firm:
    Clyde & Co LLP
    Dawn of a golden era - UAE declared as a reciprocating territory by the Central Government of India
    2020-01-22

    Prelude

    India and the United Arab Emirates (‘UAE’) have witnessed dynamic bilateral relations in the recent past. Leadership of both countries have endeavoured to bolster ties of the two economies which has aligned India to achieve its insatiable ambition of emerging as a USD 5 trillion economy.

    Filed under:
    India, United Arab Emirates, Arbitration & ADR, Insolvency & Restructuring, Litigation, Clyde & Co LLP, Bankruptcy, Arbitration award
    Location:
    India, United Arab Emirates
    Firm:
    Clyde & Co LLP
    Otto Marine Applies for Judicial Management (Chinese)
    2018-02-26

    上周,曾在新加坡证券交易所有限公司(“新交所”)上市的Otto Marine有限公司(以下简称“Otto Marine”)提出申请将公司提交司法托管(“司法托管申请”)并请求任命临时司法管理人。

    该公司系总部为新加坡的Otto Marine集团的核心成员,Otto Marine集团拥有约70家子公司,联营公司和间接子公司,在全球拥有622名员工。 Otto Marine集团从事投资控股,船舶建造,维修和服务,船舶租赁和租赁以及离岸服务业务。 Otto Marine的独任董事暨实际股东是马来西亚大亨拿督斯里丘志肖。

    司法托管申请发生于2015年约1.83亿美元的亏损以及2016年10月自新加坡证券交易所自愿退市之后。根据该公司截至2017年12月31日的管理账目初稿,本财政年度累计录得亏损约8100万美元。 在支持司法托管申请的法院文件中,该公司估计总负债约为8.77亿美元,并宣称自己无力偿还债务,并援引大华银行提交的清盘申请和各种未决执行申请等事宜。

    根据法庭文件,拿督斯里丘志肖本人似乎是该公司最大的单一债权人,其本人或其附属公司享有2.08亿美元债权。

    Filed under:
    Singapore, Insolvency & Restructuring, Litigation, Clyde & Co LLP
    Authors:
    Prakash Pillai , Junxiang Koh
    Location:
    Singapore
    Firm:
    Clyde & Co LLP
    India law update: National Company Law Appellate Tribunal of India clarifies ‘existence of disputes’
    2017-07-17

    Written by Ashmi Mohan at Clasis Law

    In its recent judgment of Kirusa Software Private Ltd. vs. Mobilox Innovations Private Ltd. Company Appeal (AT) (Insolvency) 6 of 2017, the National Company Law Appellate Tribunal of India (“Appellate Tribunal”) has adjudicated upon the issue as to what does “dispute” and “existence of dispute” mean for the purpose of determination of a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (“Code”).

    Filed under:
    India, Insolvency & Restructuring, Litigation, Clyde & Co LLP
    Location:
    India
    Firm:
    Clyde & Co LLP
    Hanjin Shipping - Current jurisdictional status and options - Canada
    2016-10-04

    On 1 September 2016, the Korean Court issued orders commencing rehabilitation proceedings for Hanjin and staying proceedings against it and its assets (Korean Orders).

    The purpose of the Korean proceeding is to rehabilitate the insolvent debtor company, Hanjin, by restructuring its debts. The debts are restructured according to a rehabilitation plan approved by the creditors and the Korean Court. The aim is to protect Hanjin while it trades out of its debt.

    Filed under:
    Canada, South Korea, Insolvency & Restructuring, Litigation, Shipping & Transport, Clyde & Co LLP
    Location:
    Canada, South Korea
    Firm:
    Clyde & Co LLP
    Insolvency law v arbitration
    2016-06-17

    First published in the International Arbitration 1/3LY, Issue 7

    Insolvency law contains summary processes for dealing with claims and protections against certain proceedings commencing or continuing. There has been some debate, and recent case law, concerning the primacy of these rules over agreements to arbitrate. In the following article, we look at what the current position is under English law and beyond.

    General position under English law

    Filed under:
    United Kingdom, Arbitration & ADR, Insolvency & Restructuring, Litigation, Clyde & Co LLP, Liquidation, Insolvency Act 1986 (UK)
    Location:
    United Kingdom
    Firm:
    Clyde & Co LLP
    Ras Al Khaimah v Bestfort
    2015-11-30

    Application for a freezing order in support of foreign proceedings/appointment of a receiver and a power of attorney

    http://www.bailii.org/ew/cases/EWHC/Ch/2015/3383.html

    The applicants (based in the UAE and Georgia) sought freezing orders against the respondents in support of proceedings taking place overseas. The respondents are LLPs registered in England and Wales and owned by a Georgian national.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Clyde & Co LLP, Power of attorney
    Authors:
    Nigel Brook
    Location:
    United Kingdom
    Firm:
    Clyde & Co LLP
    Bache & Ors v Zurich Insurance PLC
    2014-07-29

    Whether insurer liable to repay purchasers’ deposits following dissolution of developer/policy interpretation

    http://www.bailii.org/ew/cases/EWHC/TCC/2014/2430.html

    Filed under:
    United Kingdom, Insolvency & Restructuring, Insurance, Litigation, Clyde & Co LLP
    Authors:
    Nigel Brook
    Location:
    United Kingdom
    Firm:
    Clyde & Co LLP
    Insolvency claims against directors, officers and their advisers set to soar
    2020-12-31

    The emergence of a new, more infectious, Covid-19 variant and the imposition of ever more severe lockdowns extends the downside risk on the IMF’s recent outlook for the global economy and its warning of a ‘long, uneven road to recovery’.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Clyde & Co LLP, Coronavirus
    Location:
    United Kingdom
    Firm:
    Clyde & Co LLP

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