DUBAI, UAE – The UAE finance ministry’s Financial Restructuring Committee (FRC) recently held the second meeting of its Consultative Council.
The Consultative Council provides a discussion forum between the FRC and experts in the field of financial reorganization of defaulting companies and bankruptcy cases.
Younis Haji Al Khoori, Undersecretary of the Ministry of Finance (MoF) and Chairman of the FRC chaired the meeting, which was held in Dubai.
In attendance were lawyer Mohammed Al-Suwaidi, Chairman of the CIG, Dr. Hussam Al Talhuni, legal advisor to the Minister of Finance, Secretary of the FRC; Mohamad Al Moueiny, Assistant Secretary of the FRC; and Mira Al Jabri, Project Manager; as well as a number of financial experts.
Al Khoori emphazised the key role played by the Consultative Council in strengthening cooperation between the FRC and experts in the field of financial reorganization of defaulting companies and bankruptcy cases.
He also reaffirmed the council’s keenness to create an interactive atmosphere with experts and consultants whose practical knowledge is in line with the highest international standards.
“The Consultative Council is an important platform to deliberate the obstacles that limit the commercial community’s desire to use financial reorganization tools before the FRC or resort to the courts to request financial restructuring or bankruptcy,” he said.
The meeting sought to preview the structure of establishing the Consultative Council of the FRC, the main objectives behind the formation of the Council, as well as discuss the development of the financial reorganization service.
The meeting deliberated on the best ways to communicate relevant information about financial restructuring procedures and how to disseminate it in the community.
The meeting discussed the obstacles and reasons that limit the commercial community’s desire to use financial reorganization tools before the FRC or resort to the courts to request financial restructuring or bankruptcy.
The members also reviewed means of dealing with experts in the field of financial reorganization of defaulting companies and bankruptcy cases and means of empowering the registered experts.
They also deliberated ways to develop programs and train experts, lawyers and the judiciary on issues of financial reorganization and bankruptcy.
The Consultative Council presently consists of at least seven members who are natural or legal persons and who practice their business in the UAE.