19 Mar 2010
LG advises on third Dubai liquidation in the DIFC
International business law firm Lawrence Graham LLP ("LG") has advised Shahab Haider, the Liquidator of Orion Holding Overseas Limited, which was ordered to be wound up on 11 January 2010. Orion was previously known as a leading financial services firm in the Middle East and North Africa region. It is only the third liquidation case to be heard by the DIFC court.
Shahab Haider had already been appointed as Provisional Liquidator of Orion. However, there was a dispute between the company's shareholders concerning various matters, and one of those shareholders objected to Mr Haider's appointment and sought his removal as Provisional Liquidator, on the grounds that he was not sufficiently independent and not sufficiently qualified. The DIFC court dismissed the application, finding it to be entirely groundless. It therefore confirmed Shahab Haider's appointment, and ordered that he continue as Liquidator of Orion.
Shahab Haider is a partner in Sajjad Haider Chartered Accountants LLP, a DIFC based firm of accountants. Sajjad Haider operates in insolvency matters in the DIFC through a joint venture with Griffins, the well known UK based insolvency practice (which has relocated Shabbar Dhalla to Dubai).
The LG team advising was led by head of Dispute Resolution Andrew Witts, who was assisted by Corporate Recovery and Restructuring lawyer Alex Jay.
Andrew said: "We are delighted to have worked with Sajjad Haider on this matter. LG's Dubai office has now been involved in a number of important DIFC cases, including this one. The efficiency of the DIFC court in dealing with this case was also of great assistance."
Notes to editors:
- Recognised as market leaders, LG's corporate recovery team provides advice on the full range of corporate recovery and restructuring assignments to banks, factors and discounters and financial institutions. We also work with under-performing businesses, UK insolvency practitioners, turnaround professionals, pension trustees and the Pension Protection Fund.