emirates7 - Abdullah bin Awad Al Nuaimi, Minister of Justice and President of the Federal Judiciary Council, has issued a new decision regulating the operations of the Bankruptcy Court.
According to the decision, the Bankruptcy Court will be based at the Abu Dhabi Federal Courts of First Instance and will have jurisdiction over all cases and requests related to the Federal Decree-Law on Financial Restructuring and Bankruptcy.
The decision also authorises the Federal Judiciary Council to, when necessary, set up additional court branches in other Emirates. These branches will function under the authority of the main court and handle the same types of cases.
The Bankruptcy Court will consist of a President, holding at least the rank of an appeal judge, along with a number of specialised judges appointed by the Federal Judiciary Council. A dedicated Bankruptcy Department will also be established within the Court, led by a judge of no less than appeal rank.
This department will be responsible for receiving, registering, and reviewing applications, objections, and grievances, notifying concerned parties, and ensuring that applications for preventive settlement, restructuring, or bankruptcy are complete and compliant with legal requirements.
The decision outlines the roles of the Court’s administrative units to ensure smooth coordination and operational effectiveness.
In addition, the resolution includes provisions on the involvement of bankruptcy experts and consultants. The Court may engage qualified professionals to assist in managing the debtor’s assets and operations, taking precautionary measures, facilitating proceedings, meeting with creditors, and summoning the debtor or their representatives for issues related to their debts or assets.
Overall, this decision represents a significant step towards strengthening the legal framework that supports financial stability. It aims to streamline procedures and strike a balance between upholding justice and sustaining economic activity, in line with the highest standards of transparency and efficiency.
According to the decision, the Bankruptcy Court will be based at the Abu Dhabi Federal Courts of First Instance and will have jurisdiction over all cases and requests related to the Federal Decree-Law on Financial Restructuring and Bankruptcy.
The decision also authorises the Federal Judiciary Council to, when necessary, set up additional court branches in other Emirates. These branches will function under the authority of the main court and handle the same types of cases.
The Bankruptcy Court will consist of a President, holding at least the rank of an appeal judge, along with a number of specialised judges appointed by the Federal Judiciary Council. A dedicated Bankruptcy Department will also be established within the Court, led by a judge of no less than appeal rank.
This department will be responsible for receiving, registering, and reviewing applications, objections, and grievances, notifying concerned parties, and ensuring that applications for preventive settlement, restructuring, or bankruptcy are complete and compliant with legal requirements.
The decision outlines the roles of the Court’s administrative units to ensure smooth coordination and operational effectiveness.
In addition, the resolution includes provisions on the involvement of bankruptcy experts and consultants. The Court may engage qualified professionals to assist in managing the debtor’s assets and operations, taking precautionary measures, facilitating proceedings, meeting with creditors, and summoning the debtor or their representatives for issues related to their debts or assets.
Overall, this decision represents a significant step towards strengthening the legal framework that supports financial stability. It aims to streamline procedures and strike a balance between upholding justice and sustaining economic activity, in line with the highest standards of transparency and efficiency.