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Toolkit: Restructuring and insolvency following the COVID-19 outbreak
Amid the complexities of conducting business during the ongoing COVID-19 pandemic, these two complimentary Practical Law resources have been packaged to help you navigate the tricky landscape of restructuring and insolvency.
Why download these resources?
As the world recovers from the pandemic, we will see a lot of activity in this area. It’s never been more important to stay informed and follow the latest judgments by the UK Courts on such important and “delicate” subject matters, due to their significant impact on court proceedings and rights of parties.
The process of Service under the UK CP Rules, for example, is an important and complicated process. A simple mistake can lead to significant delays in court proceedings.
In a common law system, court precedents play a major role in setting judicial principles. Therefore, having access and knowledge of the latest precedents in such tricky subject matters is significant and can help you avoid pitfalls in a case.
Resource 1. Guidance on service of interim charging order on third party creditor in UAE (High Court)
In Cesfin Ventures LLC v Al Ghaith Al Qubaisi  EWHC 3311 (Ch), the court considered the application of the service rules in CPR 6 when serving an interim charging order on a creditor outside the jurisdiction under CPR 73.7(7)(d). The court granted an order for service out (retrospectively and prospectively) on the creditor by alternative means under the UK/UAE treaty on Judicial Assistance in Civil and Commercial Matters.
Resource 2. Restructuring and insolvency in the United Arab Emirates
The Q&A gives a high-level overview of the most common forms of security granted over immovable and movable property; creditors' and shareholders' ranking on a company's insolvency; mechanisms to secure unpaid debts; mandatory set-off of mutual debts on insolvency; state support for distressed businesses; rescue and insolvency procedures and more.
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These resources are accurate at the time of first publication and is written by Practical Law’s experienced team of lawyer writers that create and maintain resources so that you can respond quickly and effectively as regulation updates unfold.