The Dubai Court accepted the opening of bankruptcy procedures for Arabtec Holding, a public joint stock company and its subsidiaries.
According to Arabic Net, Arabtec Holding said in a statement that the Dubai Court issued its decision on June 16, 2021, by acceptance of the bankruptcy of Arabtec Holding, and 6 subsidiaries.
As well as Saqr Emirates Electromechanical Company Abu Dhabi, UAE Electromechanical Electromechanical Dubai.
The Court decided to appoint assets for each company on independence and custody of each secretariat to publish the opening decision of the procedures for each company and to achieve its debts, deposit a list and prepare a record with creditors and to do all the procedures in accordance with the provisions of the bankruptcy law within 35 days from the date of notification.
The court has claimed all Secretary to prepare a separate initial report on the funds of the company, which includes exclusively for its funds, assets and rights of others. The initial financial report is deposited within two weeks.
The Court also decided to halt all judicial proceedings and implementation procedures against corporate funds until a ratification of a 10-month restructuring plan for the opening of bankruptcy procedures and each Secretary to submit an independent request for the Tribunal for contractual or legal benefits.
The Court identified 26 July 2021 to follow up the proceedings and chairman of the Trustees Group organized a preliminary meeting with the trustees and court within a week to introduce its plan.
The General Assembly of Arabtec has confirmed the company's liquidation after the General Assembly's vote on November 30, 2020, rejecting a proposal of shareholders representing 5% of the company's capital, to abolish the General Assembly resolution on September 30, 2020, for the delegation of the Board of Directors and the bankruptcy .
