This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
Already a member? Login here.
Dubai’s financial regulator banned privacy tokens from use on exchanges across the Dubai International Financial Centre (DIFC), citing anti-money laundering (AML) and sanctions compliance risks, as part of a sweeping update to its crypto rules that also shifts token approval responsibility onto companies and tightens the definition of stablecoins, CoinDesk.com reported. The updated Crypto Token Regulatory Framework, which comes into force Jan.
A Dubai civil court has officially declared a Gulf national insolvent after determining that he is unable to settle accumulated debts totaling Dh2.56 million owed to seven creditors, including banks, private individuals, and housing finance institutions, the Filipino Times reported. The court approved the insolvency petition and appointed a licensed insolvency trustee to examine the debtor’s financial standing and manage the proceedings.
Read more
This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
Already a member? Login here.
Abu Dhabi's sovereign wealth fund has taken a rare public stand against a private equity firm's asset-shuffling plan, halting a proposed $800 million continuation fund involving Houston-based Energy & Minerals Group, AIInvest.com reported. The Abu Dhabi Investment Council filed a lawsuit to block the maneuver, which sought to move a key asset, Ascent Resources LLC, into a new vehicle according to reports. The legal challenge has drawn attention to governance concerns in private equity and highlighted growing investor wariness over opaque fund structures.
Read more
Voluntary Liquidation of LLCs in the UAE: Treatment of Insufficient Assets and Shareholder Liability
This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
Already a member? Login here.
This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
Already a member? Login here.
This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
Already a member? Login here.
The newly established Bankruptcy Court marks a pivotal shift toward faster, more transparent resolution of financial distress cases, according to legal and economic experts, the Khaleej Times reported. Established by the Ministry of Justice and headquartered at the Abu Dhabi Federal Court of First Instance, the Bankruptcy Court will streamline complex procedures and reduce delays, according to Asma Siddiqui, a senior associate at BSA LAW.
Read more
Abu Dhabi and the UAE federal government will issue more than $8 billion of local currency debt this year to support the establishment of a domestic yield curve, a new report suggests, EconomyMiddleEast.com reported. S&P Global Ratings anticipated anticipated that Abu Dhabi is preparing to issue local currency debt as part of an ongoing initiative to develop the UAE domestic debt capital markets.
Read more