Patrick Gearon and Roger Elford, Charles Russell Speechlys
This is an extract from the 2020 edition of GRR's the Europe, Middle East and Africa Restructuring Review. The whole publication is available here.
In summary
In the last installment of this 3-part series, Oscar van Rossum du Chattel, a Senior Case Intelligence Manager based in Omni Bridgeway’s Geneva office, and Jonathan Siklos, a Senior Case Intelligence Manager bas
The GCC Quarterly Review briefly summarises a selection of the major developments in the laws of the Gulf Cooperation Council (GCC) region (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates) in the third quarter of 2018, with links to further reading, where available.
The interesting times of the last 14 months were preceded by the interesting times of the financial crisis of 2008/2009. The reverberations of that financial crisis had a profound effect upon governments’ presumptions as to the financial stability of economies generally but also the financial stability of sectors such as financial services.
On April 25, 2016, H.R.H. Deputy Crown Prince Mohamed Bin Salman announced the Kingdom of Saudi Arabia “Vision 2030”, a plan to radically transform the Kingdom’s economy in, what many commentators saw as, a response to budgetary pressures arising from the slump in crude oil prices.
Vision 2030 sets out a comprehensive road map to promote more efficient government services and to diversify the Kingdom’s economy by boosting private sector job creation and developing the non-oil economy.
Saudi insolvency law has for some time been something of an unknown quantity for non-Saudis. A wide-ranging reform is due to take effect in 2016, which will express elements of the rescue culture and is likely to make restructurings more common. Increased certainty in the outcome of insolvencies will benefit both Saudi businesses and domestic and foreign creditors alike.
Debtors and creditors can use several options under the Insolvency Law in Saudi Arabia to address COVID-19-related difficultie
Legend International Holdings Inc (in Liquidation) v Indian Farmers Fertiliser Cooperative Limited [2016] VSCA 151
The Australian Court of Appeal refused an appeal against a winding up order made in relation to Legend in Australia where Chapter 11 proceedings were on foot in the United States.
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Saudi Arabia takes out $10 billion in bank loans
Edgeworth Capital Luxembourg Sarl (2) Aabar Block Sarl V Glenn Maud [2015] EWHC 3464 (Comm)
The High Court in England has ruled on whether Spanish Law has the effect of extinguishing third party guarantees when the beneficiary of the guaranteed liabilities enters into insolvency proceedings in Spain.