Last updated: Thursday October 15, 2020 KSA 18:43 – GMT 15:43
Publication date: Thursday October 15, 2020 KSA 18:07 – GMT 15:07
Source: Dubai – Arabia.net
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“Arabtec Holding” said today, Thursday, that it is currently working, within a period not exceeding two months, from determining the effects of the decision taken by the general assembly of the company to liquidate it, and its impact on both customers, creditors, banks and all dealers with the company, including identifying other companies within the group that It will be included in the application to open bankruptcy procedures, which will be submitted to the competent court.
The company stated in the Dubai Financial Market statement 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 for opening bankruptcy procedures, in accordance with the Federal Bankruptcy Law.
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” explained that the application will be submitted as soon as it is prepared, as required by law.
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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