The Gulf Daily News reports that a a US Court (presumably Federal Court sitting in New York City) has ruled upholding an early interim order which recognized the Bahrain administration of TIBC. What this means is that legal action in the USA against TIBC is effectively frozen, thus allowing the Central Bank of Bahrain appointed Adminstrator, Trowers and Hamlins, to proceed unimpeded by US legal actions.
This is the sort of legal acceptance by a foreign jurisdiction of a local (GCC) bankrutpcy/insolvency procedure that I was thinking of with respect to my earlier post on the implications of using the DIFC Insolvency Law and regime for any similar proceedings involving Dubai World subsidiaries.
You'll note that in conformity with Bahrain regulations, TIBC has amended its logo to include the phrase "in administration".
Earlier posts on TIBC and AlGosaibi as well as Maan AlSanea and Awal Bank can be accessed by using the respective labels on our home page.
Posts
No comments:
Post a Comment