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    English Court enforces a Dubai Court Judgment against UAE national and holds that Liability cannot be Evaded by Transferring Assets to Family
    2023-06-12

    Key Takeaways

    Filed under:
    United Arab Emirates, Dubai, Banking, Insolvency & Restructuring, Litigation, Dechert LLP
    Authors:
    Kay Morley , Adam Plainer , Tayyibah Arif
    Location:
    United Arab Emirates
    Firm:
    Dechert LLP
    New Development in the Marka Case: Only decision-makers who contributed to rendering a company insolvent may be held personally liable for its debts
    2022-10-13

    In a judgment rendered on 10 October 2021, the Dubai Court of First Instance had concluded that current and former directors and managers of Marka were personally liable towards creditors of the company merely on the basis that the assets of the company were not sufficient to pay at least 20% of its debts. The 20% threshold was set in onshore Federal Decree Law No. (9) of 2016 on Bankruptcy (the Bankruptcy Law) as it then was, and the Court determined that liability applied to current and former directors and managers without distinction where the threshold is not met.

    Filed under:
    United Arab Emirates, Dubai, Insolvency & Restructuring, Litigation, Clyde & Co LLP
    Authors:
    Nassif BouMalhab , Sherif Maher
    Location:
    United Arab Emirates
    Firm:
    Clyde & Co LLP
    Prevention is better than personal liability
    2022-04-05

    In Brief:

    Filed under:
    United Arab Emirates, Dubai, Insolvency & Restructuring, Litigation, Hadef & Partners
    Location:
    United Arab Emirates
    Firm:
    Hadef & Partners
    Landmark bankruptcy decision in the Dubai courts - personal liability of Directors and Officers
    2021-10-12

    In a landmark bankruptcy case judgment issued on 10 October 2021 the Dubai Court of First Instance has held the directors and managers of an insolvent Dubai-based PJSC to be personally liable to pay the outstanding debts of the previously listed company (now in liquidation) pursuant to the UAE Bankruptcy Law. This decision represents a very significant milestone in the UAE insolvency landscape since the enactment of the Bankruptcy Law in late 2016, being the first known instance of a case where such personal liability has been ordered.

    Filed under:
    United Arab Emirates, Dubai, Company & Commercial, Insolvency & Restructuring, Litigation, Clyde & Co LLP
    Authors:
    Ian Chung
    Location:
    United Arab Emirates
    Firm:
    Clyde & Co LLP
    Payment order claims: a setback to creditors’ position before the Dubai summary judge
    2021-06-16

    On 9 June 2021, the Dubai Court of Cassation adopting a restrictive interpretation of the UAE Federal Law No 11 of 1992 and its amendments (the Civil Procedure Code) has added a requirement for the success of a debt recovery claim through a payment order application to the summary judge: there must be written evidence that the debt was either accepted or acknowledged by the debtor. This article provides an overview of the legal requirements of the payment order claim and what this new requirement of the Dubai Court of Cassation means for creditors in Dubai.

    Filed under:
    United Arab Emirates, Dubai, Insolvency & Restructuring, Litigation, Clyde & Co LLP
    Authors:
    Keith Hutchison , Sherif Maher
    Location:
    United Arab Emirates
    Firm:
    Clyde & Co LLP
    Setting up an Asset Management firm in abu Dhabi Global Market or Dubai international financial center
    2021-05-26

    ADGM DIFC Regulatory Regime Regulated by the ADGM Financial Services Regulatory Authority (“FSRA”). Regulated by the Dubai Financial Services Authority (“DFSA”). Regulatory Status Prudential category 3C firm. Prudential category 3C firm. Structure • Private Company Limited by Shares; or • Foreign Recognised Company (Branch). • Private Company Limited by Shares; or • Foreign Recognised Company (Branch). Permitted/Authorised Activity • Managing Assets • Arranging Deals in Investments • Advising on Financial Products.

    Filed under:
    United Arab Emirates, Abu Dhabi, Dubai, Asset Finance, Insolvency & Restructuring, Lecocqassociate, Due diligence, Anti-money laundering
    Location:
    United Arab Emirates
    Firm:
    Lecocqassociate
    English Court enforces a Dubai Court Judgment against UAE national and holds that Liability cannot be Evaded by Transferring Assets to Family
    2023-06-12

    Key Takeaways

    Filed under:
    United Arab Emirates, Dubai, Banking, Insolvency & Restructuring, Litigation, Dechert LLP
    Authors:
    Kay Morley , Adam Plainer , Tayyibah Arif
    Location:
    United Arab Emirates
    Firm:
    Dechert LLP
    Prevention is better than personal liability
    2022-04-05

    In Brief:

    Filed under:
    United Arab Emirates, Dubai, Insolvency & Restructuring, Litigation
    Location:
    United Arab Emirates
    Setting up an Asset Management firm in abu Dhabi Global Market or Dubai international financial center
    2021-05-26

    ADGM DIFC Regulatory Regime Regulated by the ADGM Financial Services Regulatory Authority (“FSRA”). Regulated by the Dubai Financial Services Authority (“DFSA”). Regulatory Status Prudential category 3C firm. Prudential category 3C firm. Structure • Private Company Limited by Shares; or • Foreign Recognised Company (Branch). • Private Company Limited by Shares; or • Foreign Recognised Company (Branch). Permitted/Authorised Activity • Managing Assets • Arranging Deals in Investments • Advising on Financial Products.

    Filed under:
    United Arab Emirates, Dubai, Asset Finance, Insolvency & Restructuring, Due diligence, Anti-money laundering
    Location:
    United Arab Emirates
    New Development in the Marka Case: Only decision-makers who contributed to rendering a company insolvent may be held personally liable for its debts
    2022-10-13

    In a judgment rendered on 10 October 2021, the Dubai Court of First Instance had concluded that current and former directors and managers of Marka were personally liable towards creditors of the company merely on the basis that the assets of the company were not sufficient to pay at least 20% of its debts. The 20% threshold was set in onshore Federal Decree Law No. (9) of 2016 on Bankruptcy (the Bankruptcy Law) as it then was, and the Court determined that liability applied to current and former directors and managers without distinction where the threshold is not met.

    Filed under:
    United Arab Emirates, Dubai, Insolvency & Restructuring, Litigation, Clyde & Co LLP
    Authors:
    Sherif Maher
    Location:
    United Arab Emirates
    Firm:
    Clyde & Co LLP

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