“Arabtec Holding” revealed the latest developments and measures taken regarding the bankruptcy and liquidation application for the company and its subsidiary companies.
In a statement on the Dubai Financial Market, the company indicated that an application for opening bankruptcy procedures has been submitted to Dubai Courts by Arabtec Holding – a public shareholding company in addition to the subsidiary companies “Arabtec Construction, Austrian Arab Ready Mix Concrete Company, Arabtec Precast, and Emirates Saqr Electromechanical Company. “.
She explained that the judge issued in the session held on February 18, 2021, his decision to appoint a seven-year committee of experts to look into the bankruptcy application, whose task is to prepare a separate report for each subsidiary separately and a combined report on the holding company, and to assess its financial position, and whether it is in a debtor financial state. And the extent of the possibility of restructuring.
The expert committee appointed by the court held its first session with the legal representatives of the companies (Global Law Firm and Legal Consultations), and the matter is still in front of the experience stage to date and their report has not yet been issued.
On March 1, 2021, a request was submitted to the Dubai Court by the holding companies to introduce two additional companies operating under the umbrella of the holding company, namely, GSI Metal Construction Contracting and Gulf Steel Industries Company.
In December of 2020, Arabtec Holding announced that it had submitted an application to the court to declare bankruptcy and some of its subsidiaries and liquidate their funds.
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