The UAE Financial Restructuring Committee (FRC) has formed a consultative council of the FRC to provide an open discussion forum between the FRC and the experts in the field of financial reorganisation of defaulting companies and bankruptcy cases. 

 

The formation of the council aims to create an interactive environment with experts and experienced consultants in this field, in accordance with best international standards.

 

The council consists seven members nominated by the FRC members and who are experts in the field of financial reorganisation and bankruptcy.

 

The consultative council members recently held its first meeting for 2022, in the presence of FRC members as well as experts in the financial field. 

 

During the meeting, Dr Maryam Butti Al Suwaidi, Vice-Chairman of the Committee and CEO of the Securities and Commodities Authority, delivered the opening speech. Additionally, Dania Kurdy, assistant to the committee for the implementation work, delivered a detailed presentation on FRC’s role and tasks.

 

Dr Hussam Al Talhuni, Legal Advisor to the Minister of Finance and Secretary of the FRC, provided an introductory explanation of the consultative council and its role, vision, and objectives. 

 

Dr Al Talhuni also reviewed the structure and objectives behind the establishment of the council of the FRC. 

 

The FRC will work with the council to discuss obstacles and reasons that limit the commercial community’s desire to use financial reorganisation tools before the FRC or resort to the courts to request financial 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. Both parties will also discuss the best ways to communicate relevant information about financial reorganization procedures and how to generalize this to the community, said the statement.

 

The consultative council is the first of its kind at the UAE level.  -TradeArabia News Service