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Transport, Energy & Revolving Synergy
The final Law Update of 2022 is here, and it’s packed full of articles. The double edition features two focus areas, first is a spotlight on Energy and Resources and second we feature a collection of articles on Transport and Logistics. The developments occurring in these sectors in the MENA region are unprecedented and our lawyers cover vast themes for you.
The Energy and Resources focus features topics such as diversifying energy resources, solar PV, mining in the Middle East, renewable energy and green hydrogen. From a transport perspective, we draw attention to the Bahrain metro project, discuss the challenges and remedies associated with the repossession of an aircraft, and there is advice on what to consider should a party vary the terms of a shipping contract.
This edition navigates you through updates from across jurisdictions such as, Oman, Jordan, Saudi Arabia, Egypt, Iraq, Qatar, and the UAE. Each article is timely and provides insights into legal issues and cases that are affecting these sectors across the region.
Read the full edition
A complete spectrum of legal services across jurisdictions in the Middle East & North Africa.
5 Things to know about the New Restructuring Insolvency Regime in Bahrain
Bahrain recently introduced the Restructuring and Insolvency Law, as a step towards strengthening the legal framework and business ecosystem in Bahrain.
Watch our latest video to learn more about the new Law.
Key Facts:
- The new law is expected to boost transparency and efficiency in the insolvency by bringing in reforms to bolster globally accepted good practices in Bahrain such as promoting restructuring procedures, regulating insolvency administrators, strengthening creditors’ rights, clarifying rules for commencing insolvency proceedings, improving provisions applicable to treatment of contracts and voidable transactions and introducing provisions on post-commencement financing.
- By promoting and prioritising debt restructuring proceedings over liquidation procedures, the new law aims to prevent the liquidation of businesses with potential and reduce failure rates amongst small and medium-size enterprises.
- Commencement of insolvency proceedings does not prevent the debtor from continuing its day-to-day business as well as utilising its properties for necessary transactions, if carried out in the ordinary course of business.
- By recognising foreign insolvency proceedings, the laws provide for a mechanism of cooperation between courts and competent authorities in Bahrain and foreign countries where insolvency proceedings are simultaneously brought against the same debtor.
- The introduction of the new insolvency regime is a significant step towards dissolving the stigma of insolvency amongst businesses operating in Bahrain, by providing efficient exit frameworks, whilst allowing lenders in the market to make significant recoveries.
Want to know how the new law will impact your business? Our team of experts are here to help…
Al Tamimi & Company’s strength in restructuring and insolvency lies in our multidisciplinary practice and cross-regional reach. Our team’s competencies enable us to find timely solutions for businesses in financial difficulties and advise the managements of distressed companies into navigating out of early stage crisis.
If you have any questions, please feel free to contact us.
Foutoun Hajjar
Partner, Head of Office – Bahrain
Corporate Commercial
f.hajjar@tamimi.com
Siddharth Goud
Trainee Lawyer,
Corporate Commercial
s.goud@tamimi.com
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