Vice President issues resolution on forming Committee of Financial Restructuring

Mon 19-03-2018 20:42 PM

ABU DHABI, 19th March, 2018 (WAM) — His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Vice President, Prime Minister and Ruler of Dubai, has issued Resolution No. 4 of 2018 on the formation of the Committee of Financial Restructuring.

The Resolution, which has been published on the Official Gazette, stipulates that the committee consists of nine members under the chairmanship of the Ministry of Finance Under-Secretary and the membership of representatives of a number of ministries and federal and government departments, which on their part shall nominate competent representatives to administer the committee’s law and its procedures. The membership will remain valid for three renewable years.

The committee will oversee the procedures of financial restructuring outside the scope of the court, appointing experts in the field of financial restructuring, establishing an electronic record of individuals issued against them a bankruptcy ruling, by either imposing restrictions as ordered by the court or the loss of eligibility under the provisions of the bankruptcy law.

The committee is also responsible for organising and sponsoring initiatives that raise awareness among the public on the specification and objectives of the law, submitting periodical reports to the Minister of Finance on its achievements, and suggestions.

WAM/Hatem Mohamed/Tariq alfaham


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