Today, Monday, a UAE court decided to declare the bankruptcy of the “Arabtec” holding company and its subsidiaries, and to seize the balances, accounts and funds of the declared bankruptcy company in all banks.
According to the newspaper, “Al Khaleej”, the Dubai Court of First Instance decided today to declare the bankruptcy of Arabtec Holding Company, a public joint stock company, and its subsidiaries: Arabtec Construction LLC Dubai, Austrian Arab Ready-Mix Concrete LLC, Arabtec Precast LLC LLC_ Dubai, Emirates Falcon Electromechanical – Iveco LLC – Dubai, Arabtec Construction LLC – Abu Dhabi, Emirates Falcon Electromechanical – Iveco LLC – Abu Dhabi.
The court also ordered the seizure of real estate, shares and bonds, cars and vehicles belonging to the company, with the competent authorities.
The court’s decision stipulates that the confiscated parties must acknowledge what is owed within the legal term from the date of their announcement, while preventing their employees from paying others within the limits of the seizure amount, which is 10,181,700,538 dirhams, or approximately “2,771,963,898.79” US dollars.
The decision demanded that the same authorities transfer their balances to the court’s treasury pending this bankruptcy, loaded with any previous seizure.
The court also authorized placing the seizure sign on the commercial licenses belonging to the detainees with the Dubai Department of Economic Development, and the bankruptcy trustee may notify the Central Bank, announce the garnishees, and take the necessary legal measures to implement the seizure.
It is worth noting that this “bankrupt” company, which was established in 1975, employed more than 45,000 employees.