UAE’s Financial Restructuring Committee (FRC) has formed a Consultative Council to provide an open discussion forum between the FRC and experts in the field of financial reorganization of defaulting companies and bankruptcy cases.
The Consultative Council recently held its first meeting for 2022.
Dr Maryam Butti Al Suwaidi, Vice-Chairman of the Committee and CEO of the Securities and Commodities Authority, Dania Kurdy, assistant to the Committee for the implementation work, participated in the meeting.
Dr Hussam Al Talhuni, Legal Advisor to the Minister of Finance and Secretary of the FRC, provided an introductory explanation of the Council, its role, vision, objectives and structure.
These objectives include interactive working relations between the FRC and the community through open consultation with experts in the field of financial reorganization of defaulting companies and bankruptcy cases.
Providing a continuous exchange of information related to the procedures of financial reorganization of defaulting companies.
The Council was also formed to study the development of the financial reorganization, explore means of preparing development programs and train experts, lawyers, and the judiciary staff on issues of financial reorganization and bankruptcy.
The FRC will work with the Consultative Council to discuss 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 FRC and the Council will also discuss the best ways to communicate relevant information about financial reorganization procedures.
The membership of the Consultative Council shall consist of at least “seven members who are natural or legal persons who practice their business in the UAE”.
The members of the Consultative Council, who would be “experts in the field of financial reorganization and bankruptcy”, shall be nominated by the FRC.