Retail group Marka declared bankrupt by Dubai court in landmark judgement | Business – Gulf News
The UAE retail and leisure company, Marka, has been declared bankrupt by a local court and all of its its assets brought into liquidation. The court order applies to all the Marka subsidiaries as well, and also requires board members to pay up Dh448 million to creditors.
According to a ruling by a Dubai court, the company’s managers and directors were stripped of all rights to manage the company or its subsidiaries. This followed a case brought against Marka, which had at its peak gone through a hugely successful IPO and listed on DFM, by creditors.
They cannot manage or dispose of the company’s funds, pay out any claims or borrow any sums under its name. In addition, they will have to hand over to the court-appointed bankruptcy trustee all funds and documents of the company within five days of the date of the ruling.
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