First test case for Dubai’s innovative Decree 57 restructuring regime
On 1 April 2012 Drydocks World LLC and its subsidiary Drydocks World — Dubai LLC a Dubai- and Asia-based ship building and repair company that is wholly owned by Dubai World, became the first company to commence a reorganisation proceeding in the Special Tribunal created by Dubai Decree No. 57 for 2009 and avail itself of Decree 57’s integrated legal framework. Decree 57 is in English and draws heavily from the insolvency laws of England and the United States; it integrates selected substantive concepts taken from chapter 11 of the US Bankruptcy Code into the English law based insolvency procedures enacted in the Dubai International Financial Centre.
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Jurisdiction of the Hong Kong Courts re winding up and unfair prejudice petitions — offshore companies
Hong Kong law contains a number of provisions designed to protect the interests of minority shareholders, including the “unfair prejudice” remedies under section 168A of the Companies Ordinance and the Ordinance’s “just and equitable” winding-up provisions.
The EU’s banking union proposals, consolidating the European regulatory supervision of credit institutions
On 12 September 2012 the European Commission adopted legislative proposals, including a draft EU Regulation, to establish a single supervisory mechanism for banks which is to be led by the European Central Bank.
Analysis from The Lawyer
Shearman & Sterling is making its presence felt in the City, squaring up to magic circle firms and looking to muscle in on key relationships. Private equity house Bridgepoint is one outfit that has had its head turned by the US firm.
Imagine you’re the general counsel of London-based private equity investor BC Partners. You’re sipping on your coffee, hashing out the details of your imminent £382m investment into UK-based business publishing company Mergermarket.