Arabtec Holding, listed on the Dubai Financial Market, announced that it has submitted an application for bankruptcy and some of its subsidiaries and liquidated their funds to the court, according to a statement from the company to the stock exchange, today, Thursday. .
The company said yesterday, Wednesday, that the Board of Directors recently followed up issuing decisions and took the necessary measures regarding submitting the bankruptcy application to the competent court.
and stated that its board of directors, which met last Monday, discussed the decision adopted by its partners during the previous general meeting regarding the suspension of the continuity of the company's activity.
and by the end of last month, Arabtec decided to submit as soon as possible an application to the competent court to declare the company bankrupt and liquidate it.
She indicated that this decision had been reached after the lapse of two months of discussions with the main stakeholders, based on the decision taken by the shareholders at the general meeting held on 30 September 2020.
She added that the board of directors decided that the company could no longer continue to operate without entering into formal insolvency procedures, and that the stakeholders of the company had the right to be placed under liquidation. Due to bankruptcy (subject to court approval) at the earliest opportunity
and last October, the general assembly of Arabtec Holding decided to dissolve the company and liquidate it due to its financial conditions.
