UAE construction group Arabtec Holding said a Dubai court has approved the opening of its bankruptcy proceedings along with its six subsidiaries -  Arabtec Construction Abu Dhabi, Arabtec Construction Dubai, Austrian Arabian Ready Mix Concrete and Arabtec Precast in addition to Emirates Falcon Electromechanical Company (Efeco) Abu Dhabi and Efeco Dubai. 

 

The court has also appointed a trustee for each of the entities and ordered them to review its debts, deposit a list and a record of Arabtec Holding, its creditors and conduct all the procedures stipulated under the bankruptcy law within 35 days, said Arabtec in its filing to Dubai bourse.

 

Providing an update about the recent procedures taken in relation to the bankruptcy and liquidation application for Arabtec Holding and certain subsidiaries, Arabtec said the court had last week approved the liquidation of the company along with its six subsidiaries.

 

The court had further instructed each trustee to prepare an initial separate report on the assets of each entity and its rights with third parties, in addition to a list of all its managers and members of the board of directors and shareholders for the two years preceding the bankruptcy application, and the trustee’s opinion with respect to the management and the preservation of the company’s assets. 

 

Such initial report shall be deposited at the court within two weeks, stated Arabtec in its filing to Dubai Financial Market.

 

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. The court has scheduled the next hearing for July 26, it added.-TradeArabia News Service