UAE Update – October 2022

The primary issue for all those interested in UAE assets is the progress of the legal case launched some time ago – which you may recall was found in favour of the claimants, being the Administrators for ABC and others.   Having gained this victory, to turn this into the ability to liquidate as many assets as possible, it was important to ensure that responsibility for the debt was extended from the borrowing companies to include those responsible for managing the companies.  This required further legal argument which was taking place in August.  The Court requested further evidence be provided at that hearing.  Since that date significant work has been taking place in Dubai with the legal teams to provide the necessary information for a further hearing expected for some time in November.

 The Dubai legal team has now established grounds to bring a series of supplemental cases which also bring with them opportunities to claim back losses.  However, as one might expect, the defendants have made a series of counterclaims in order to try to avoid their obligations.  This means that there is a complex series of linked cases currently being argued in Dubai.

 The Dubai legal team are busy on these associated cases and as these conclude we will provide some very brief updates on these, insofar as we can without compromising the position. These proceedings are being held in Arabic as you know, making ongoing commentary difficult in the absence of authorised legal translations.

 Apologies for the frustration of yet further delays. We remain focused and committed to achieving a positive outcome for all stakeholders at the earliest opportunity under these challenging circumstances.