In a landmark legal achievement, Al Doseri Law – under the leadership of lawyer Saad Al Doseri, acting as Bahraini legal counsel, and in co-ordination with the international law firm DLA Piper – secured a judgment from the High Civil Court (Seventh Chamber for Corporate Reorganisation and Bankruptcy) that ranks among the first and most significant judicial applications of the cross-border insolvency provisions in Bahrain.
Pursuant to Article (172) of the Reorganisation and Bankruptcy Law issued by Decree-Law No. (22) of 2018, the Court recognised the compulsory liquidation proceedings of AmazingTech Pte Ltd – operator of the Tokenize Xchange digital asset trading platform – issued by the High Court of the Republic of Singapore as a foreign main proceeding under Chapter Five of the Law. This milestone underscores the maturity and sophistication of Bahrain’s legislative and judicial framework.
This judgment represents a practical and advanced application of the cross-border insolvency provisions, one of the most developed branches of international commercial law, as it aims to foster co-operation between national and foreign courts, ensure the unified administration of the debtor’s assets, and prevent conflicting judicial proceedings across different jurisdictions.
Bahrain is among the leading jurisdictions in the Arabian Gulf to have adopted harmonised international insolvency standards through its incorporation of the UNCITRAL Model Law within the Reorganisation and Bankruptcy Law.
Working alongside DLA Piper, Al Doseri Law demonstrated the ability to translate this advanced legislative framework into practice before the Bahraini judiciary, providing essential legal guidance on the Bahraini reorganisation and bankruptcy regime and its alignment with the UNCITRAL Model Law.
After an extensive review of the documents and foreign judgments submitted, the Court concluded that all legal conditions for recognising the liquidation proceedings issued by the High Court of Singapore had been met, given that the company’s centre of main interests is located in that country, that the liquidation proceedings were issued by a competent judicial authority, and that the requirements stipulated in the Bahraini Reorganisation and Bankruptcy Law had been satisfied.
It is worth noting that the liquidators applied for recognition after it became apparent that assets belonging to the company existed in the Kingdom of Bahrain, which necessitated obtaining a Bahraini court order to enable the liquidators to access them.
Al Doseri Law — in its capacity as local legal counsel — in co-ordination with DLA Piper, succeeded in formulating a cross-border legal strategy that led to the issuance of this judgment.
The judgment was not limited to merely recognising the foreign proceeding, but extended to recognising the liquidators appointed in Singapore — namely Cameron Lindsay Duncan, Joshua Joseph Giaraj, and David Dong-Won Kim, of KordaMentha (Singapore) — as the foreign representatives of the company. It also arranged all of its legal effects within Bahrain, staying lawsuits and enforcement proceedings relating to the company’s assets within the Kingdom, and appointing a trustee to administer and liquidate the assets located in Bahrain, granting the trustee authority to co-operate directly with the foreign court and the foreign representative, under the supervision of the Bahraini court, so as to ensure the unity of the liquidation proceedings and protect the rights of creditors.
Trust and standing: Bahrain as a trusted regional financial and legal hub
The significance of this judgment is that it embodies the confidence the Bahraini judiciary places in foreign judgments and judicial proceedings once they satisfy the legal requirements of Chapter Five of the Reorganisation and Bankruptcy Law. At the same time, it affirms Bahrain’s commitment to modern international standards in addressing cross-border insolvency and bankruptcy cases, reinforcing its standing as a regional financial and legal hub that offers a judicial environment characterised by efficiency and legal certainty.
Lawyer and arbitrator Saad Al Doseri, founder of Al Doseri Law, said the decision represents a pivotal moment in the field of cross-border insolvency in the Gulf region.
“It confirms that Bahrain’s adoption of the UNCITRAL Model Law on Cross-Border Insolvency is not merely theoretical legislation, but a robust and effective legal framework capable of delivering tangible results for international creditors and insolvency practitioners,” he added.
“We are proud of our fruitful co-ordination with the international law firm DLA Piper in achieving this landmark recognition, which cements Bahrain’s position as a trusted and forward-looking jurisdiction in the field of international judicial co-operation in insolvency matters.”
The judgment further affirms that recognition of foreign proceedings is not a mere formality, but is subject to rigorous judicial scrutiny. The Court verified the jurisdiction of the foreign court, the debtor’s centre of main interests, the standing of the foreign representative, and the fulfillment of all formal and substantive requirements stipulated in the law, before arranging the legal effects within Bahrain.
From a practical standpoint, this judgment sends a clear message to financial institutions, banks, and multinational companies that the Bahraini judiciary possesses an advanced legal framework for dealing with international bankruptcy cases, achieving a balance between respecting foreign judgments and protecting public order and rights within the Kingdom.
The judgment acquires particular importance in light of the growing number of disputes involving cross-border enterprises, digital assets, and international financial institutions. Its relevance is clearly illustrated by the case at hand: AmazingTech Pte Ltd operates the Tokenize Xchange digital asset trading platform and holds assets across multiple jurisdictions — precisely the type of matter requiring specialised cross-border co-ordination expertise, which Al Doseri Law demonstrated in partnership with DLA Piper.
As a benchmark judicial application, this judgment may pave the way for enhanced co-operation between judicial authorities across borders and contribute to more efficient and transparent asset recovery and liquidation administration. It confirms that Bahrain now possesses a legal and judicial system fully capable of keeping pace with global developments in international insolvency, thereby strengthening investor and institutional confidence in the Bahraini legal environment.
From Legislation to application: UNCITRAL Model Law proves its effectiveness in Bahrain
The application submitted to the High Court — drafted and presented by Al Doseri Law in its capacity as Bahraini legal counsel in co-ordination with DLA Piper — was based on the provisions of Chapter Five of Decree-Law No. (22) of 2018 on Reorganisation and Bankruptcy, entitled “Cross-Border Insolvency.” This is the chapter that the Bahraini legislator drew from the UNCITRAL Model Law on Cross-Border Insolvency issued by the United Nations Commission on International Trade Law (UNCITRAL), reflecting the Kingdom’s orientation towards adopting international best practices in this field.
This legislative philosophy is clearly manifested in Article (165) of the law, which provides that, for the purposes of interpreting the provisions of this chapter, regard shall be had in particular, where appropriate, to what is issued by UNCITRAL regarding the Model Law on Cross-Border Insolvency. This provision confirms that the Bahraini legislator did not merely draw inspiration from the provisions of the Model Law when enacting the legislation, but also mandated reliance on the interpretive guides and commentaries issued by UNCITRAL when applying cross-border insolvency provisions, thereby promoting uniformity of judicial interpretation and achieving consistency with international principles and practices in this field.
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