Dubai – Mubasher: The Dubai Court has accepted Arabtec Holding's petition to open the bankruptcy proceedings for the company and its subsidiaries, comprising Arabtec Construction, Austrian Arabian Readymix Concrete Co, Arabtec Precast, and Emirates Falcon Electromechanical Co.

The court also decided to appoint a trustee for each entity to publish the bankruptcy decision, review its debts, deposit a list and a record of its creditors, and conduct all the procedures stipulated under the Bankruptcy Law, according to a bourse filing on Monday.

Meanwhile, the Dubai court has requested each trustee to prepare an initial separate report on the assets of each entity and its rights with third parties, in addition to a list of all its managers, board members, and shareholders for the two years before the bankruptcy application.

This initial report should be deposited at the court within two weeks. 

The court has scheduled a hearing on 26 July 2021 to follow up on the procedures taken by the trustees.

It is noteworthy to mention that in March, the company submitted a bankruptcy petition to the Dubai Court, alongside its subsidiaries.