Bankruptcy of the largest contractor in the UAE

Today, Monday, a court in the United Arab Emirates decided to declare the bankruptcy of the holding company “Arabtec” and its subsidiaries and to seize the balances, accounts and funds of the company declared bankrupt 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 limited 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 properties, shares and bonds, cars and vehicles belonging to the company, with the competent authorities.

The court decision provides that the seized must recognize the amount due within the legal term from the date of their communication, preventing their employees from paying others within the limits of the amount of the seizure, which is 10.181.700.538 dirhams, or approximately ” 2,771,963,898.79 “US dollars.

The decision provided that the same authorities would transfer their balances to the court’s treasury pending this bankruptcy, laden with any previous seizures.

The court has also authorized the affixing of the seizure mark on business licenses belonging to detainees at the Dubai Economic Development Department and the bankruptcy trustee can notify the Central Bank, announce the foreclosures and take the necessary legal steps to implement the seizure .

It is worth noting that this “bankrupt” company, founded in 1975, employed more than 45,000 employees.

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