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The KBBO Group bankruptcy case

The first successfully completed large-scale restructuring under the UAE Bankruptcy Law

In 2016, the United Arab Emirates (UAE) introduced new bankruptcy laws, which saw the latest amendments in 2021. These laws were implemented with the primary objective of offering both businesses and individuals a structured framework to address financial distress, providing an opportunity for restructuring rather than immediate liquidation.

Alongside the chairman, Mr. Salem Ballama, two Deloitte Turnaround & Restructuring Partners, Paul Leggett and David Stark, were appointed as Bankruptcy Trustees to the KBBO Group in October 2021. Established in 2008, the KBBO Group represents a conglomerate of businesses and investments headquartered in the UAE, with operations spanning the wider MENA region.

In this paper, the Deloitte trustees discuss some of the practical considerations and key takeaways from our hands-on experience as the Deloitte appointed trustees of the KBBO Group.

If you would like to learn more or have any queries, please reach out to the below contacts.

The KBBO Group bankruptcy case

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Paul Leggett

Paul Leggett

Partner | Turnaround & Restructuring

Paul leads our Middle East Turnaround & Restructuring team and has worked with Deloitte UK, Caribbean and the Middle East since 1999. He is focused on turnaround situations, developing contingency pla... More

David Stark

David Stark

Partner | Turnaround & Restructuring

David joined Deloitte in 1993 and is currently a senior Partner within Deloitte's Turnaround & Restructuring team in the Middle East. In addition, he was formerly the Deloitte Private Leader, Deloitte... More

Tom Bullock

Tom Bullock

Partner | Turnaround & Restructuring

Tom moved to the Middle East in 2010, joining from Deloitte UK. He specialises in debt restructuring, working capital management, business turnaround and performance improvement. Tom works with a rang... More