The “Arabtec” Holding Company said that the Dubai Court decided on June 16 to accept the application for opening bankruptcy procedures for the company and its following subsidiaries, this came in a disclosure sent by “Arabtec” today to the Dubai Financial Market.
The company stated that the court decided to appoint secretaries of procedures for each company independently, and assigned each proceeding trustee to publish the decision to open the procedures for each company, achieve its debts, deposit a list, prepare a register of creditors, and carry out all procedures, in accordance with the provisions of the Bankruptcy Law, within 35 days from the date of the notification. by appointment.
The court had decided to open the bankruptcy procedures for Arabtec Construction – Abu Dhabi, Arabtec Construction – Dubai, Austrian Arab Ready Mix Concrete – Dubai, Arabtec Precast – Dubai, Emirates Electromechanical Falcon – Iveco – Abu Dhabi, and Emirates Falcon Electromechanical – Iveco – Dubai.
According to the disclosure signed by Walid Al Mokarrab Al Muhairi, Chairman of the Board of Directors, the court assigned each trustee to prepare a separate preliminary report on the company’s funds that includes exclusively its money, assets and rights with third parties, in addition to an inventory of its directors, board members and partners during the two years preceding the filing of the bankruptcy application. In addition to his opinion on managing the company’s funds and maintaining their value, the initial financial report shall be deposited within two weeks.
The court also decided to stop all judicial and execution procedures against corporate funds until the approval of the restructuring plan or the passage of ten months from the issuance of the decision to open bankruptcy procedures, and each trustee must submit an independent application to the court regarding contractual or legal benefits.
The court set a session on July 26, 2021 to follow up the procedures, and assigned the chairman of the group of trustees to organize an introductory meeting with the trustees and the court within a week to present each of them with his work plan.
The company will send a periodic report according to the developments in the work of the trustees to inform them of the developments.
On December 17, 2020, Arabtec announced that it had submitted a request to the court to declare its bankruptcy and some of its subsidiaries and liquidate its funds.
The company’s general assembly, held on November 30, 2020, decided to continue the process of liquidating the company and to proceed with the request to officially declare its bankruptcy, and on January 7, the company submitted a request to open its bankruptcy procedures and its subsidiaries before the Dubai Court.
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