Arabtec Holding Company said the Board of Directors has made the decisions and taken the necessary steps to file the bankruptcy petition with the competent court as soon as possible.
The company added in a statement to the Dubai Financial Market today, Sunday, that this happened at last Monday’s board meeting, which discussed the bankruptcy resolution passed by its partners at the previous general meeting.
Last Monday, the company’s general meeting decided to submit an application to the competent court as soon as possible to declare the company bankrupt and liquidate it.
This decision was taken after a period of two months of discussions with key stakeholders, based on the decision taken by the shareholders at the general meeting of September 30, 2020.
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