The Court of Appeal’s judgment in Petrofac provides a timely reminder that the primary purpose of the cross-class cram down power under Part 26A restructuring plans is to override the exercise of an unjustified veto by...more
On 31 October 2023, Federal Law Decree No. (51) concerning Financial Restructuring and Bankruptcy (the New Law) was published in the UAE Federal Gazette. The New Law comes into force on 1 May 2024 and will repeal the 2016 Law...more
2/29/2024
/ Automatic Stay ,
Bankruptcy Court ,
Bankruptcy Trustees ,
Commercial Bankruptcy ,
Creditors ,
Debtors ,
Liquidation ,
Moratorium ,
New Legislation ,
Restructuring ,
United Arab Emirates (UAE)
The recent detention of a restructuring professional in the United Arab Emirates serves as a stark reminder that directors and officers of insolvent or distressed companies can face personal liability for their actions or...more
1/31/2024
/ Bankruptcy Court ,
Books & Records ,
Chapter 13 ,
Civil Liability ,
Corporate Counsel ,
Corporate Restructuring ,
Criminal Liability ,
Insolvency ,
Limited Liability Company (LLC) ,
Liquidation ,
Saudi Arabia ,
United Arab Emirates (UAE)
German real estate company Adler recently made headlines by successfully implementing a €6bn restructuring by way of a UK Part 26A Restructuring Plan. The Plan involved the subordination of Adler’s existing notes to new money...more