A new financial regulatory committee will help oversee financial restructuring procedures outside of court rooms, according to a newly issued government resolution.
The resolution – No. 4 of 2018 – creates a nine-member committee chaired by the Undersecretary of the Ministry of Finance. Its members will be drawn from federal and local government entities, and will serve for three-year renewable tenures.
The committee will supervise financial restructuring outside the scope of the court, including the appointment of experts who can carry out work within the provisions of the UAE’S bankruptcy law as ordered by the court or the loss of eligibility under the provisions of the bankruptcy law.
The committee will also be responsible for organising and sponsoring awareness raising initiatives about the specifics of the bankruptcy law to the public, and will be expected to submit periodic reports to the Minister of Finance on its achievements and suggestions.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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