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Dubai court appoints trustees to oversee Arabtec’s liquidation
Dubai - Their report shall be deposited with the court in two weeks.
Construction giant Arabtec Holding on Monday said that a Dubai court has accepted its petition to open bankruptcy proceedings and had also appointed a trustee for each of its entities.
The court ordered each appointed trustee to publish the bankruptcy decision of each entity, review its debts, deposit a record of its creditors, and conduct all the procedures stipulated under the bankruptcy law within 35 days.
The court also instructed each trustee to prepare an initial separate report on the assets of each entity and its rights with third parties. They must also prepare a list of all its managers, members of the board of directors and shareholders for the two years preceding the bankruptcy application..
The report shall be deposited with the court in two weeks.
“The court also decided to stay all judicial procedures and execution procedures upon the companies’ assets until approving the restructuring plan or the lapse of ten months from the date of the decision to open the bankruptcy proceedings," it was ruled.
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.
Its subsidiaries include Arabtec Construction LLC, Austrian Arabian Readymix Concrete Co. LLC, Arabtec Precast LLC, Arabtec Constructions LLC, and two separate companies named Emirates Falcon Electromechanical Co.
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