PRESSR: The Bankruptcy Advisory Council discusses the role of experts in the financial regulation of distressed companies
Abu Dhabi - United Arab Emirates: His Excellency Younis Haji Al Khouri, Undersecretary of the Ministry of Finance, chaired the meeting of experts of the Consultative Council in the field of bankruptcy, which included a number of experts specialized in bankruptcy and financial restructuring from international and local specialized offices and companies. His Excellency praised the role of experts in the field of restructuring and insolvency in Financial reorganization of troubled companies and bankruptcy cases, and discussions with the business community about using financial reorganization tools, and resorting to the courts to request financial restructuring or bankruptcy. His Excellency stressed the importance of benefiting from the practical experience possessed by experts and consultation providers.
Lawyer Muhammad Al-Suwaidi, Chairman of the Advisory Committee, Dr. Hossam Al-Talhouni, Legal Advisor to the Minister of Finance, and Secretary of the Financial Reorganization Committee, presented an intervention in which they spoke about the importance of involving experts from the private sector in developing financial restructuring and financial restructuring services for troubled companies in the country, which... It will raise the level of investor confidence in investing in it. They also pointed out the importance of adopting the best rules, procedures and practical practices in the field of insolvency in order to provide the best opportunities for the debtor from distressed companies, and to protect creditors from the decline in the value of the debtor’s funds before repaying the companies’ debts.
The meeting witnessed an intervention from one of the expert institutions entitled “The Duty of the Debtor’s Board Members to Submit an Insolvency Application,” in which Haroun Ahmed, Restructuring Consulting Partner at Grant Thorton Company and Director of Capture Technologies Holding Limited, spoke.
This was followed by another presentation from Bruce Matthews, Deal Advisory Partner, KPMG, Lower GCC UAE and Oman, on “Prevention is better than cure – a global perspective on the intervention and support provided by financial institutions during insolvency proceedings.”
During the meeting, the experts discussed the most prominent points related to the amendments to the Bankruptcy Law and the Commercial Insolvency Law, and the meeting concluded with a general discussion on means of developing the financial reorganization service, especially with regard to interpretation and training, and ways to disseminate financial reorganization procedures and its benefits to society.
The Ministry of Finance had formed the Consultative Council of the Financial Reorganization Committee in the year 2022, as one of its initiatives to establish financial laws and legislation, and adopt the latest innovative systems and technologies that meet the needs of citizens and residents and support the business sectors in the country, in line with the goals of the UAE Centennial 2071 and within the framework of the commitment to grant Priority is to achieve social welfare in the UAE.
The Financial Reorganization Committee is responsible for developing and regulating financial reorganization and bankruptcy procedures in the United Arab Emirates. It is a permanent committee formed pursuant to the Honorable Cabinet Resolution No. (4) of 2018, and it consists of nine members headed by the Undersecretary of the Ministry of Finance and membership of representatives from the Ministry of Finance, the Ministry of Economy, the Ministry of Justice, the Central Bank, the Securities and Commodities Authority, the Government of Abu Dhabi, and the Government of Dubai. And the government of Sharjah. Financial reorganization services are provided without any fees, outside the framework of the courts, with the assistance of the committee’s secretariat and external experts who are technically specialized in this type of procedure.
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