Dubai's Arabtec expects to submit liquidation application by end-November - Arabianbusiness:
Dubai-based construction giant Arabtec Holding has announced it expects an application to liquidate the company will be submitted by the end of November, meeting a deadline set by shareholders.
A filing to the Dubai Financial Market by Antoine Abi Rached, the company's general counsel and board secretary also said that the appointment of a trustee or liquidator will be subject to the "absolute discretion of the competent court which will consider the application to commence the process under the Federal Bankruptcy Law".
The company, whose board of directors is due to discuss the liquidation process at a meeting planned for Monday, added that it was currently working to collate "the extensive number of documents" required to accompany the application for liquidation.
On September 30, Arabtec shareholders had voted to discontinue with the company and dissolve it due to its untenable financial situation.
No comments:
Post a Comment