22 Hrs
Source:
البلاد
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Source: البلاد
22 Hrsالبلاد
Source: البلاد
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The article clarifies that a Bahraini court officially recognized the foreign liquidation procedures of a Singaporean company operating a platform for digital currency trading. This recognition was based on a recent legal framework rooted in the UNCITRAL Model Law on Cross-Border Insolvency. This ruling marks the first judicial application of its kind in Bahrain and affirms the ability of the local judiciary to cooperate with foreign courts in managing cross-border insolvencies, thereby strengthening Bahrain's position as a trusted regional financial and legal hub and demonstrating its commitment to modern international standards. The judgment indicates that foreign legal procedures now have direct legal effects within Bahrain, enhancing confidence in the legal environment and paving the way for increased international judicial cooperation in insolvency matters, especially concerning companies holding assets across multiple countries.
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