Regional news: Africa & Middle East
Kirkland & Ellis launches INSOL Future Leaders Programme in Saudi Arabia
As the private debt and restructuring landscape evolves in the MENA region, Kirkland & Ellis’ capital solutions and restructuring lead Husni Almousli, together with colleagues Faris AlZamil and Ibrahim Alkhursany in Riyadh, report on the inaugural future leaders programme launched by the firm in the Kingdom of Saudi Arabia, in partnership with INSOL International and the KSA Bankruptcy Commission.
13 May 2024
UAE’s Invest Bank asks UK Supreme Court to pierce corporate veil in transaction at an undervalue claim
The sons of a Lebanese businessman have asked the UK’s Supreme Court to rule that English law provisions dealing with transactions at an undervalue cannot be applied to assets a debtor does not beneficially own.
08 May 2024
“Issue of great importance”: en banc review requested in Ch15 property requirement dispute
Omani businessman Talal Al Zawawi has asked the Eleventh Circuit Court of Appeals for an en banc review after it dismissed his attempts to throw out a Chapter 15 order recognising the appointment of his English bankruptcy trustees.
07 May 2024
Ch15 round-up: Israeli biotech company seeks recognition as Evergrande withdraws
A NASDAQ-listed biotech company is seeking recognition of its Israeli restructuring in Delaware after Canada’s Pride Group secured provisional relief there last week, while the trustee of an English bankrupt has won an order blocking the sale of property in Oklahoma and China Evergrande has withdrawn its Chapter 15 action in New York.
23 April 2024
Dentons hires new restructuring leader from Faegre Drinker
A former Dentons partner has returned as its restructuring head for the UK, Ireland and the Middle East, telling GRR the firm is ideally placed to benefit from recent trends in the market such as using restructuring tools to implement liability management transactions.
22 April 2024
UAE creditor secures transfer of Iranian property under UK Insolvency Act
A Middle Eastern oil company has successfully used the transactions at an undervalue provisions of the UK Insolvency Act to secure the transfer of a £100 million property in London linked to the National Iranian Oil Company in satisfaction of a US$2.6 billion arbitral award.
19 April 2024
Bermuda court approves “urgent” sale of oil group, winding up rejected
The joint provisional liquidators of an Africa-focused oil group have been given the greenlight to complete a “momentous and controversial” asset sale to its major shareholder after a Bermudan court rejected creditor claims they acted in bad faith and the group should be wound up.
18 April 2024
Privy Council lifts seven-year winding up stay
A Mauritian investment firm can be wound up immediately after the Privy Council ruled that a long-standing debt may be enforced in Mauritius despite it being a part of a wider transaction found to be illegal in India.
16 April 2024
Ankura hires ex-KBBO CRO in the Middle East
Business advisory firm Ankura has hired the former chief restructuring officer of UAE investment group KBBO as a senior adviser in its turnaround and restructuring practice in the Middle East.
11 April 2024
