Today: 31 May 2025
22 June 2021
1 min read

Dubai court appoints experts to oversee Arabtec’s liquidation

The decision was taken after the court appointed a panel to analyse the bankruptcy application….reports Asian Lite News

Arabtec Holding’s bankruptcy plea has been accepted by a Dubai court. The construction company behind iconic structures such as the Burj Khalifa and the Louvre Abu Dhabi, had submitted a petition to the court, following the company’s former group CEO Wail Farsakh’s resignation in February 2021.

The decision was taken after the court appointed a panel comprising seven experts to analyse the bankruptcy application.

In a statement to Dubai Financial Market (DFM) on Monday, the company said that the court has appointed a trustee for each entity, to publish the bankruptcy decision of each one, review its debts, deposit a list and a record of its creditors and “conduct all the procedures stipulated under the Bankruptcy Law within 35 days from the date of the appointment notification”, reported Arabian Business.

@DubaiCourts

Arabtec Holding’s subsidiaries include – Arabtec Construction, Austrian Arabian Readymix Concrete Co. LLC, Arabtec Precast LLC, Arabtec Constructions LLC and Emirates Falcon Electromechanical Co. (EFECO LLC).

While on December 17, the company, which was valued at about AED30 billion ($8.17bn) at its peak in 2014, said it and some of its subsidiaries had filed for insolvent liquidation pursuant to the resolutions of its shareholders on September 30 and November 30.

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.

ALSO READ: Dubai records real estate deals worth AED11.11 bn in May

Previous Story

Pentagon to pull out missile defence from Saudi, M-E

Next Story

Pak plans China-funded media outlet to counter West

Latest from -Top News

World needs Dubai’s ambition: Morgan

Piers Morgan has hailed Dubai’s transformation as an example of what visionary leadership can achieve. British broadcaster Piers Morgan has praised the extraordinary ambition and vision of His Highness Sheikh Mohammed bin

Mohammed honours football champions

Ruler of Dubai hails players as role models during palace reception His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE, and Ruler of Dubai, received the

Abu Dhabi sets 2050 energy vision

Abu Dhabi unveils AED400 billion energy roadmap, inked climate finance pact ahead of 2026 UN Water Conference Abu Dhabi has unveiled a sweeping strategic framework to transform its energy and water sector

Gargash: UAE’s pragmatism sets regional example

Anwar Gargash says the UAE stands as a beacon of what is possible when pragmatism and vision come together. As political instability, economic fragmentation and rapid technological change continue to reshape the

US flag returns to Damascus

Billions in energy deals and lifted sanctions mark Syria’s reintegration, as US reopens embassy and declares the war-torn nation “open for business” under new regional partnerships. The United States has reopened its
Go toTop

Don't Miss

Dubai ‘Top City Destination’ in region; second globally

Paris accelerates to once again claim the title of the

Al Zeyoudi hails Dubai Expo for boosting economy

Expo 2020 Dubai created an unprecedented opportunity for government institutions,