The case in the Abu Dhabi Court of First Instance highlighted the inability of a limited liability to pay of its debts, which exceeded its available capital 18 times.
Academics at Birmingham University voted today to boycott its new campus in Dubai in protest at the jailing of…518 Views | the publication reaches you by | Dubai Today
As per a 2016 law, the court restructured a company and appointed a secretary and relevant experts.
The secretary was on hand until the process was completely and the company paid off all its debts, renewed its commercial license and achieved a liquidity level of five times the company’s capital, allowing it to resume business.
Federal Law No. 9 of 2016 aims to assist troubled companies and protect creditors’ funds.
Chapter 4 of the law regulates a debtor’s restructuring if possible, by assisting them in implementing a restructuring plan, publicising the debtors’ bankruptcy and fairly liquidating their assets to help them meet their obligations.
As part of KPMG’s ongoing efforts to raise awareness of key industry developments, KPMG in Bahrain is calling out…164 Views | the publication reaches you by | Dubai Today
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