A ruling was issued for the bankruptcy of the Emirati “brand” and obligating the members of the board of directors to pay 448 million dirhams | Corporate News

A ruling was issued for the bankruptcy of the Emirati “brand” and obligating the members of the board of directors to pay 448 million dirhams | Corporate News
A ruling was issued for the bankruptcy of the Emirati “brand” and obligating the members of the board of directors to pay 448 million dirhams | Corporate News

Dubai Courts of First Instance decided to declare the bankruptcy of the Emirati Marka company listed on the Dubai Financial Market and liquidate its funds, including its subsidiaries.

According to the ruling, the company’s managers, members of its board of directors and its subsidiaries will be stripped from managing its funds or disposing of them or paying any claims that arose prior to the issuance of the decision to open the procedures and obligating them to hand over to the bankruptcy trustees all funds and documents under their hands within 5 days from the date of this ruling.

The court also obligated the members of the board of directors and managers to pay in favor of the bankruptcy the debts of Marka, amounting to about 448 million dirhams.

The court ordered a precautionary seizure of the balances, accounts and funds of the company and its subsidiaries, in all UAE banks, and on its assets with the competent authorities.

Source

ruling issued bankruptcy Emirati brand obligating members board directors pay million dirhams Corporate News

 
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