The KBBO Group bankruptcy case

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.

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