The UAE's Financial Restructuring Committee has formed a new council to boost its community interaction with experts in the field of financial reorganisation of defaulting companies and bankruptcy cases.
The Consultative Council is an “interactive environment with experts and experienced consulting providers”, the Ministry of Finance said on Tuesday.
The council will seek to provide a “continuous exchange of information related to the procedures of financial reorganisation of defaulting companies” and explore means of preparing development programmes, training experts, lawyers and judiciary staff on issues of financial reorganisation and bankruptcy.
The FRC was established in 2018 and oversees the procedures of financial restructuring outside the scope of the court.
The body appoints experts in the field of financial restructuring and establishes an electronic record of people who have a bankruptcy ruling issued against them, either by imposing restrictions as ordered by the court or the loss of eligibility under the provisions of the bankruptcy law.
The FRC will work with the council to discuss obstacles and explore the reasons why the commercial community does not opt for financial reorganisation tools before resorting to the courts to request restructuring or bankruptcy.
“This is in terms of determining what are the risks, and the appropriate solutions that specialists see in order to address this issue,” the ministry said.
Both parties will also discuss the best ways to communicate relevant information about financial reorganisation procedures.
The council includes at least “seven members who are natural or legal persons who practice their business in the UAE” and are experts in the field of financial reorganisation and bankruptcy.
The members of the council are nominated by the FRC.
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
COMPANY%20PROFILE
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The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
ACL Elite (West) - fixtures
Monday, Sept 30
Al Sadd v Esteghlal (8pm)
Persepolis v Pakhtakor (8pm)
Al Wasl v Al Ahli (8pm)
Al Nassr v Al Rayyan (10pm)
Tuesday, Oct 1
Al Hilal v Al Shorta (10pm)
Al Gharafa v Al Ain (10pm)
Company%C2%A0profile
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The bio
Favourite vegetable: Broccoli
Favourite food: Seafood
Favourite thing to cook: Duck l'orange
Favourite book: Give and Take by Adam Grant, one of his professors at University of Pennsylvania
Favourite place to travel: Home in Kuwait.
Favourite place in the UAE: Al Qudra lakes
LIVING IN...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Killing of Qassem Suleimani
The specs
Engine: 3.9-litre twin-turbo V8
Power: 620hp from 5,750-7,500rpm
Torque: 760Nm from 3,000-5,750rpm
Transmission: Eight-speed dual-clutch auto
On sale: Now
Price: From Dh1.05 million ($286,000)
