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.
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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.
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Voluntary Liquidation of LLCs in the UAE: Treatment of Insufficient Assets and Shareholder Liability
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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.
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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.
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Dubai is weighing significant changes to its rules governing money managers to further burnish the city’s credentials as an emerging hub for hedge funds, Bloomberg News reported. The Dubai Financial Services Authority is undergoing a sweeping review of its slate of regulations with the goal of removing unnecessary regulatory burden and lowering barriers to entry, according to a spokesperson for the agency. The DFSA regulates the Dubai International Financial Centre, a hub for many fund managers. Already, the agency has proposed cutting minimum capital thresholds for some money managers.
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