Arabtec bankruptcy will be according to federal law

Arabtec Holding Company stated that the company's bankruptcy procedures will be carried out in accordance with the Federal Bankruptcy Law.

The company stated in a disclosure to the Dubai Financial Market today that the appointment of one of the liquidators for the company is a matter that is subject to the absolute discretion of the competent court that will consider the application to open bankruptcy procedures.

She added that the purpose of the period specified in the decision of the General Assembly held at the end of last September, related to informing the stakeholders of the effects of the decision to liquidate it and declare its bankruptcy within a period not exceeding two months, was to enable it to determine the effects of the decision on both clients, creditors, banks and all those dealing with it, including: This will determine the other companies within the group, which will be included in the application to open bankruptcy procedures, which will be submitted to the competent court.

Regarding the timetable for the procedures to be implemented, including the date of submission of the application for liquidation and the declaration of bankruptcy, the company said that the Federal Bankruptcy Law requires that many documents and data be attached to the application that will be submitted to the competent court, pointing out that the documents and data are still under compilation.

"Arabtec" indicated that the application will be submitted as soon as it is prepared in accordance with the requirements of the law. Therefore, no date has been set for submitting the application to the court, provided that this is done within the two-month period.

The company indicated that, before submitting the application to the competent court, it will disclose the date of filing the application as soon as it is determined, and the timetable set by the Federal Bankruptcy Law for the procedures for submitting the application.

And confirmed that it agrees with the continuation of the suspension of trading on the company's shares, given the decision issued by the General Assembly not to continue the company and liquidate it.

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