International law firm, Trowers & Hamlins, in its capacity as liquidator of The International Banking Corporation (TIBC), a Bahrain-based wholesale bank, has successfully made a second distribution to creditors, marking another significant milestone in one of the Middle East's most complex insolvency cases.
Trowers was appointed external administrator in 2009 after TIBC failed to meet its obligations to international bank creditors, a unique role for a law firm.
In 2021, following a successful multi-jurisdictional litigation strategy and negotiations with the bank's debtors, the administrator reached a settlement arrangement, approved by TIBC's creditors, which paved the way for the transition from administration to liquidation in March 2023.
Having issued the first distribution in January 2024, Trowers made a further payout in Q4 2025, amounting to US$58 million. This brought the total return to creditors to 16.8 cents on the dollar, with cumulative distributions now exceeding US$320 million.
The second distribution reflects continued progress in the liquidation of the estate and the enduring support of creditors throughout the process.
The Trowers team comprised lawyers from its UK, Bahrain, UAE and Malaysia offices. The firm has been supported through the entire period by AlixPartners, the specialist insolvency and restructuring practice.
Commenting on the distribution, Jeremy Ingham, Trowers' International Managing Partner and long-time leader of the multi-partner team, said:
"Our longstanding relationship and journey with TIBC is quite iconic and it's fantastic to still be working closely with the team 17 years later. This distribution is another shining example of how we work with our clients in a very unique way across borders, different jurisdictions, navigating multiple legal systems and evolving regulations. We look forward to continuing to support TIBC with its future transactions."
