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Bankruptcy Proceedings in the UAE: the approach of the Courts towards debtors and their managers
2023-04-04

Over the past year or so, we have seen a number of examples of Dubai Courts taking an extremely cautious approach to handling debtor-led bankruptcy cases, particularly in relation to determining whether there is a legitimate distressed financial position and enquiring as to the conduct of managers leading to the bankruptcy of companies.

Filed under:
United Arab Emirates, Insolvency & Restructuring, Clyde & Co LLP, Corporate governance, Coronavirus
Authors:
Keith Hutchison , Nicola Jackson , Sherif Maher
Location:
United Arab Emirates
Firm:
Clyde & Co LLP
View Original Article
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
View Original Article
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, United Kingdom, Banking, Insolvency & Restructuring, Litigation, Dechert LLP
Authors:
Kay Morley , Adam Plainer , Tayyibah Arif
Location:
United Arab Emirates, United Kingdom
Firm:
Dechert LLP
View Original Article
Risks and reforms: the UAE adjusts to a shifting landscape
2023-05-26

Morgan Heavener, Darren Mullins and Paul Wright, Accuracy

This is an extract from the 2023 edition of GIR's Europe, Middle East and Africa Investigations Review. The whole publication is available here. 

Filed under:
United Arab Emirates, Compliance Management, Insolvency & Restructuring, IT & Data Protection, White Collar Crime, Private equity, Due diligence, Cryptocurrency, Personal data, Anti-money laundering, Anti-bribery and corruption, GDPR
Location:
United Arab Emirates
View Original Article
Life After Lenkor: The High Court’s latest judgment reinforces reciprocity between the UAE and English Courts
2023-05-25

On 12th May 2023, the High Court of England and Wales issued another significant judgment which is expected to advance the progress of reciprocal enforcement of judgments between the courts of the United Arab Emirates (UAE) and England and Wales.

Filed under:
United Arab Emirates, United Kingdom, Insolvency & Restructuring, Litigation, Taylor Wessing
Location:
United Arab Emirates, United Kingdom
Firm:
Taylor Wessing
View Original Article
UAE Bankruptcy Law - update
2023-05-12

The Dubai Court of First Instance concludes that preventive composition, restructuring, bankruptcy, and liquidation are only possible if the debtor company has existing assets.

In a recent judgment issued on 26 April 2023 the Dubai Court of First Instance rejected the liquidation application of an indebted company on the basis that the company does not have any assets that could be liquidated.

Filed under:
United Arab Emirates, Insolvency & Restructuring, Clyde & Co LLP
Authors:
Sherif Maher
Location:
United Arab Emirates
Firm:
Clyde & Co LLP
View Original Article
Bankruptcy Proceedings in the UAE: the approach of the Courts towards debtors and their managers
2023-04-04

Over the past year or so, we have seen a number of examples of Dubai Courts taking an extremely cautious approach to handling debtor-led bankruptcy cases, particularly in relation to determining whether there is a legitimate distressed financial position and enquiring as to the conduct of managers leading to the bankruptcy of companies.

Filed under:
United Arab Emirates, Insolvency & Restructuring, Clyde & Co LLP, Corporate governance, Coronavirus
Authors:
Keith Hutchison , Sherif Maher
Location:
United Arab Emirates
Firm:
Clyde & Co LLP
View Original Article
Judgment by Dubai Court Sets New Principle for Insolvency Matters
2022-11-17

The Dubai Court of Cassation recently set a new principle in relation to insolvency.

Filed under:
United Arab Emirates, Insolvency & Restructuring, Insolvency
Location:
United Arab Emirates
View Original Article
Navigating Board Member Responsibilities Under the New UAE Bankruptcy Laws: Insights from the Marka PJSC Case
2022-11-16

As one of the most important and influential countries in the Middle East, it is no surprise that the development of the laws and regulations of the UAE have a major impact on the region. The UAE Bankruptcy Law is no exception, and it has recently been amended to bring it up to date with international standards. 

The amendments are particularly relevant for board members, who have a responsibility to ensure the financial health of their companies. 

Filed under:
United Arab Emirates, Compliance Management, Insolvency & Restructuring, Horizons & Co Law Firm, Corporate governance
Location:
United Arab Emirates
Firm:
Horizons & Co Law Firm
View Original Article
Dubai Court of First Instance declares Arabtec and its Subsidiaries Bankrupt - Places Spotlight on Company Management and Governance in the UAE
2022-11-09

On 24 October 2022, Dubai Court of First Instance declared Arabtec Holding Company bankrupt and approved the liquidation of its assets. The decision highlights the responsibilities of directors, board members and managers of all companies, and the possibility they can be held liable and accountable under UAE Laws for the mismanagement and the fallout of a company.

The Court appointed two trustees to list the assets of the bankrupt company, complete the liquidation and pay the creditors. Regarding the company’s governance, directors, managers and current assets, the Court ruled:

Filed under:
United Arab Emirates, Company & Commercial, Compliance Management, Insolvency & Restructuring, Horizons & Co Law Firm, Corporate governance
Location:
United Arab Emirates
Firm:
Horizons & Co Law Firm
View Original Article

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