The Federal Judicial Council issues a decision to organize the bankruptcy court and its powers
Abu Dhabi, July 24 / WAM / His Excellency Abdullah Sultan bin Awad Al -Nuaimi, Minister of Justice, Chairman of the Federal Judicial Council, issued a decision regarding the organization of the Banking Court, in a move aimed at developing the judicial structure supporting the national economy, and enhancing the effectiveness of the justice system in dealing with cases of financial stumbling and bankruptcy.
The decision stipulated that the Banking Court is based in the Abu Dhabi Federal Court of First Instance, and it shall be decided by all requests and disputes arising from the implementation of the provisions of the Federal Law on the financial reorganization and bankruptcy, as well as the decision to the Federal Judicial Council, when necessary, to establish one or more headquarters for the court in any of the state emirates that follow the original court, and is concerned with the same requests and disputes.
The court consists of a president whose degree is no less than an appeal judge, and a number of specialized judges are called by a decision of the Federal Judicial Council.
The decision included the establishment of a bankruptcy administration within the court headed by a judge whose degree is no less than an appeals judge, who takes over a set of tasks, most notably receiving requests, objections, grievances, registration of requests and directing notebooks for people with the provisions of the law decree, in addition to verifying the fulfillment of the applications of preventive settlement, restructuring, and advertising of the required data and documents.
The decision specified the administrative units of the court and its competencies, in a manner that guarantees the integration of roles and the effectiveness of performance, and the decision also included provisions for bankruptcy experts and consultants, where the court permitted the use of people with experience and specialization in this field, to carry out several tasks, including the administration of the debtor’s funds and his work, implement precautionary measures, accelerate procedures, meet with creditors, listen to the debtor or his representative in matters Related to his debts, money or business.
This decision is a qualitative step towards consolidating a legal environment in support of financial stability that contributes to accelerating procedures and achieving a balance between justice requirements and ensuring the continuity of economic activity according to the highest standards of efficiency and transparency.
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