June 22, 2021
1 min read

Dubai court appoints experts to oversee Arabtec’s liquidation

The decision was taken after the court appointed a panel to analyse the bankruptcy application….reports Asian Lite News

Arabtec Holding’s bankruptcy plea has been accepted by a Dubai court. The construction company behind iconic structures such as the Burj Khalifa and the Louvre Abu Dhabi, had submitted a petition to the court, following the company’s former group CEO Wail Farsakh’s resignation in February 2021.

The decision was taken after the court appointed a panel comprising seven experts to analyse the bankruptcy application.

In a statement to Dubai Financial Market (DFM) on Monday, the company said that the court has appointed a trustee for each entity, to publish the bankruptcy decision of each one, review its debts, deposit a list and a record of its creditors and “conduct all the procedures stipulated under the Bankruptcy Law within 35 days from the date of the appointment notification”, reported Arabian Business.

@DubaiCourts

Arabtec Holding’s subsidiaries include – Arabtec Construction, Austrian Arabian Readymix Concrete Co. LLC, Arabtec Precast LLC, Arabtec Constructions LLC and Emirates Falcon Electromechanical Co. (EFECO LLC).

While on December 17, the company, which was valued at about AED30 billion ($8.17bn) at its peak in 2014, said it and some of its subsidiaries had filed for insolvent liquidation pursuant to the resolutions of its shareholders on September 30 and November 30.

The court has scheduled the next hearing for July 26 to follow up on the procedures taken by the trustees.

Arabtec shareholders had authorised the board of the Dubai-listed construction company to file for liquidation in September 2020. This was due to its untenable financial position following the fallout from the coronavirus pandemic.

ALSO READ: Dubai records real estate deals worth AED11.11 bn in May

Previous Story

Pentagon to pull out missile defence from Saudi, M-E

Next Story

EU, India commit to free, open & inclusive Indo-Pacific

Latest from -Top News

Dubai Glows with Ramadan Spirit

The stunning displays are a key highlight of the second edition of the #RamadanInDubai campaign. Dubai has transformed into a dazzling spectacle of light and artistry in celebration of Ramadan, with grand

UAE Celebrates Emirati Children’s Day

The United Arab Emirates is celebrating Emirati Children’s Day today, reaffirming its dedication to nurturing a safe and supportive environment for the nation’s children. This annual occasion highlights the UAE’s commitment to

Mark Carney Sworn In As Canada’s PM

Mark Carney was officially sworn in as Canada’s new Prime Minister on Friday, succeeding Justin Trudeau in a leadership transition that comes amid heightened geopolitical tensions. Carney, a respected economist and former

Pakistan Blames Kabul for Jaffar Express Attack

The Pakistan Foreign Office spokesperson Shafqat Ali Khan has stated that the intercepted calls confirmed links between the attackers and Afghanistan…reports Asian Lite News Pakistan continues to accuse Afghanistan of orchestrating the
Go toTop

Don't Miss

Dubai’s thriving branded residences market now a global leader

The real estate market in Dubai continues to perform fantastically

Dubai attracts 4,791 volunteers to maintain clean environment

This year-round project promotes the charitable and environmental endeavors of