COVID-19 Coronavirus: Restructuring

This alert focuses on notable features of Dubai's DIFC Insolvency Law, while also looking at the recent temporary suspension of the wrongful trading rules introduced as a result of the COVID-19 pandemic.

Read our guidance: Revisiting the DIFC Insolvency Law in the Context of the COVID-19 Crisis: An Innovative Toolkit for the Turnaround of Troubled Enterprises (UAE) - April 30, 2020

The UAE overhauled its bankruptcy regime on December 29, 2016 with the introduction of the Bankruptcy Law. Until now, the Bankruptcy Law has only been anecdotally applied to a fairly small number of low profile insolvencies, but is now likely to be tested on a larger scale both in terms of numbers and size of debtors affected by insolvency proceedings. This alert is a refresher of some of the key features of the Bankruptcy Law and potential areas of concerns for debtors, their directors and their shareholders.

Read our guidance: The UAE Bankruptcy Law: Stepping up to the challenges raised by the COVID-19 crisis (UAE) - April 9, 2020

In response to the COVID-19 pandemic, the UK Government has announced the temporary suspension of wrongful trading rules retrospectively from 1 March 2020, for a period of three months. It has also indicated that it intends to fast track the implementation of significant reforms to the insolvency and restructuring regime.

Read our guidance: UK insolvency and restructuring update: COVID-19 support and major reform (UK) - April 3, 2020