As the summer months draw to a close and stakeholders prepare for the final quarter of 2025, lawyers, lenders and sponsors alike are confronting an evolving financing environment in the UAE. Several structural and regulatory developments suggest that distressed lending and restructuring activity will rise in the near term. This note highlights the growing role of non-bank capital providers, key legal updates and practical considerations for those navigating the market.

A shifting financing landscape

As general economic trends since COVID continue to cause turmoil in the construction industry, the value of surety bonds as a performance and financial backstop has become increasingly apparent. While contractors may encounter difficult conditions in the course of their operations, sureties are not only well-capitalized and capable of weathering the storm but also, depending upon the relevant bond wording, are able to step in proactively when their principals experience financial troubles affecting the performance of the work and payment of the subcontractors.

1 | 15 Introduction The Insolvency and Bankruptcy Code, 2016 (IBC/Code) is a landmark legislation which was enacted in 2016 to put in place a consolidated and holistic legal framework for resolution of stressed assets in India. Since its enactment, IBC has been one of the most dynamic legislations which has undergone several revisions on account of various learnings arising out of resolution of large volume of stressed assets in its initial phases.

In a significant further application of the Court of Appeal’s reasoning in Adler, Thames Water and Petrofac, the High Court declined to sanction a cross-class cram down restructuring plan proposed by Waldorf Production UK Plc.

In a difficult economic climate, commercial landlords may fear that tenant insolvencies mean no one will foot the bill for dilapidations claims at lease expiry – but they are not without recourse.

前 言

在全球化经济纵深发展与企业出海战略持续推进的背景下，开拓海外市场、融入全球产业链及供应链是中国内地企业未来重点发展的战略选择。然而，跨境商业活动在带来机遇的同时亦伴随着跨法域的风险与挑战，跨境破产无论在理论还是实务都具有相当的复杂性。

本文将以主要利益中心原则（Centre of Main Interests，以下简称“COMI”）为出发点，结合实务案例浅析COMI原则在部分海外国家的适用及中国内地债权人的应对策略，为出海企业提供跨境破产风险管理的参考依据。

一、跨境破产视域下的管辖权

“跨境破产”概念及与之相关的规范均正式确立于联合国国际贸易法委员会1997年颁布的《跨境破产示范法》（UNCITRAL Model Laws on Cross-Border Insolvency，以下简称“《示范法》”）。《示范法》最为核心的内容便是确立了COMI在跨境破产管辖权认定上的重要作用，虽然COMI原则在近年受到来自“承诺规则”与“事后选择规则”等新兴理论的挑战[1]，但作为近30年来在全球63个法域普遍适用的基本准则[2]，掌握COMI在不同国家或地区的司法实践适用在当下仍具有重要的现实意义。

A. Introduction

The Singapore’s Court of Appeal’s recent decision in Natixis, Singapore Branch v Seshadri Rajagopalan and others and other appeals [2025] SGCA 29 serves as an important decision for the intersection between insolvency and admiralty laws. The decision addresses a dispute concerning admiralty statutory liens, examining whether the judicial managers of an insolvent ship owning company acted wrongfully by procuring the offshore arrest and judicial sale of a vessel, despite the appellants having issued admiralty in rem writs against it in Singapore.

Australia's energy and utilities sector faces unprecedented challenges as the industry undergoes a fundamental transformation. The transition to renewable energy, regulatory pressures, aging infrastructure, and volatile commodity prices have created a complex web of operating and financial pressures which often require sophisticated restructuring strategies, including potentially via external administrations.

Nicola Sharp looks at the reasons why the court granted a £5m WFO against directors of a company in liquidation.

The High Court has granted a Worldwide Freezing Order to the value of over £5 million against directors of a company in liquidation, who are also husband and wife.

The couple, Sameer Rizvi and Iryna Dubylovska were the only acting directors and shareholders of the company.

Underlying claim for misfeasance

INTRODUCTION: