Arabtec Holding Company said in a disclosure to the Dubai Financial Market that the Dubai Court issued its decision on June 16, 2021 and decided to accept the application for opening bankruptcy procedures No. 4 of 2021 dated 7/1/2021 by Arabtec Holding, in addition to the subsidiaries: Arabtec Construction LLC – Abu Dhabi, Arabtec Construction LLC – Dubai, Austrian Arab Ready Mix Concrete Company LLC – Dubai, Arabtec Precast LLC – Dubai, and Saqr Emirates Electromechanical Company – Iveco LLC LLC – Abu Dhabi, and Emirates Falcon Electromechanical Company – Iveco LLC – Dubai.
According to the disclosure signed by Walid Al Mokarrab Al Muhairi, Chairman of the Board of Directors, the court decided to appoint secretaries of procedure for each company independently. The court instructed each procedure trustee to publish the decision to open the procedures for each company, to realize its debts, to deposit a list, to prepare a register of creditors, and to carry out all procedures in accordance with the provisions of the bankruptcy law, within 35 days from the date of notification of appointment.
The court assigned each trustee to prepare a separate preliminary report on the company’s funds that includes an inventory of its money, assets and rights with third parties, in addition to an inventory of its directors, members of its board of directors and partners during the two years preceding the filing of the bankruptcy application, in addition to his opinion on the management of the company’s funds and preservation of its value. The initial financial report shall be deposited within two weeks.
The court also decided to stop all judicial and execution procedures against companies’ funds until the approval of the restructuring plan or the passage of ten months from the issuance of the decision to open bankruptcy procedures.
Each trustee shall submit a separate application to the court regarding contractual or legal benefits.
The court set a session for July 26, 2021 to follow up the procedures and instructed the chairman of the group of trustees to organize an introductory meeting with the trustees and the court within a week to present each of them with his work plan.
The company will send a periodic report according to the developments in the work of the trustees to inform you of the developments.