Today's Edition
ABU DHABI (WAM)
Minister of Justice and President of the Federal Judiciary Council, Abdullah bin Awad Al Nuaimi, has issued a decision regarding the regulation of the Bankruptcy Court.
The decision stipulates that the Bankruptcy Court shall be headquartered at the Abu Dhabi Federal Courts of First Instance and shall have jurisdiction over all applications and disputes arising from the implementation of the provisions of the Federal Decree-Law on Financial Restructuring and Bankruptcy.
Furthermore, the decision also permits the Federal Judiciary Council, where appropriate, to establish one or more court headquarters in any of the Emirates, subordinate to the original court, with jurisdiction over the same applications and disputes.
The Court shall be composed of a President, whose rank shall be no less than that of an appeal judge, and a number of specialised judges who shall be appointed by a decision from the Federal Judiciary Council.
The decision also includes the establishment of a Bankruptcy Department within the Court and shall be headed by a judge whose rank is not less than an appeal judge.
The Bankruptcy Department shall perform the following function: receive applications, objections, and grievances; register applications; serve notices to the interested persons according to the provisions of this law; and ensure that the applications for preventive settlement, restructuring and declaration of bankruptcy and others types of applications satisfy the information, data and documents described in this law.
The decision specifies the administrative units affiliated with the Court and their respective jurisdictions to ensure role integration and operational efficiency.
The resolution also includes special provisions concerning bankruptcy experts and consultants.
The Bankruptcy Court may seek the assistance of any persons of experience and specialists in this field to perform various tasks, including overseeing the management of the debtor's assets and business, enforcing the necessary precautionary measures, expediting proceedings, meeting the creditors, and summoning the debtor or their representative on matters related to their debts, assets, or business.
This decision constitutes a qualitative step toward consolidating a legal environment supportive of financial stability, contributing to the acceleration of procedures and the achievement of balance between the requirements of justice and the continuity of economic activity in accordance with the highest standards of efficiency and transparency.
