Ruairi Rynn and Leanne Ennis, William Fry

This is an extract from the 2022 edition of GRR's Europe, Middle East and Africa Restructuring Review. The whole publication is available here.

In summary

The rising strength of the United Arab Emirates as a commercial powerhouse has continued as the Covid-19 pandemic recedes. The UAE was a key business hub prior to 2020, but the flow of money and talent into the country has increased since then, driven by numerous factors including the UAE’s business-friendly climate, its stable political regime, and the access to fair and transparent justice mechanisms.

Introduction:

INTRODUCTION

The rapid growth of technology, trade, and the corporate world has resulted in the rising number of multinational entities eventually creating a borderless relation among countries and businesses.

In the present times, almost every country has trade relations extending beyond one jurisdiction. Having a presence in various jurisdictions also results in having creditors and debtors situated at various such locations. This makes the insolvency process including overlapping of different laws and proceedings, a complicated process.

Ferdinand Hengst and Agnieszka Gronwald, De Brauw Blackstone Westbroek

This is an extract from the 2022 edition of GRR's Europe, Middle East and Africa Restructuring Review. The whole publication is available here.

In summary

Patrick Gearon and Roger Elford, Charles Russell Speechlys

This is an extract from the 2022 edition of GRR's Europe, Middle East and Africa Restructuring Review. The whole publication is available here.

In summary

In the latest edition of Going concerns, Stephenson Harwood's restructuring and insolvency team touches on the extent of the automatic stay arising from the recognition of a foreign main proceeding under the Singapore Model Law cross-border recognition regime, the requirements for a pre-pack scheme of arrangement under the recent Singapore Insolvency, Restructuring and Dissolution Act 2018, and the importance of Environmental, Social and Governance ("ESG") in the restructuring context.

Contents

The Greater Bay Area (GBA) initiative is an ambitious scheme to link the nine cities in Guangdong’s Pearl River Delta, Hong Kong and Macau into an integrated economy and world class business hub.

In the European Union, the European Insolvency Regulation (EIR) determines the jurisdiction for a debtor's insolvency proceedings, the law applicable to those proceedings and provides for mandatory recognition of the proceedings in other EU member states.

From 31 December 2020, the European Regulation on Insolvency Proceedings (the “EIR”) ceased to apply in the UK. As a result: