Abu dhabi: Abdullah bin Awad Al Nuaimi, Minister of Justice and President of the Federal Judiciary Council, has issued a decision regarding the regulation of the Bankruptcy Court. The decision establishes that the Bankruptcy Court will be headquartered at the Abu Dhabi Federal Courts of First Instance, with jurisdiction over all applications and disputes emerging from the Federal Decree-Law on Financial Restructuring and Bankruptcy.
According to Emirates News Agency, the decision allows the Federal Judiciary Council to create additional court headquarters in other Emirates if necessary, which will handle the same types of applications and disputes as the original court. The court will be led by a President with a rank of no less than an appeal judge, supported by a team of specialized judges appointed by the Federal Judiciary Council.
Additionally, the decision includes the formation of a Bankruptcy Department within the Court, led by a judge with a rank not less than that of an appeal judge. This department will be responsible for processing applications, objections, and grievances; registering applications; and ensuring compliance with the legal requirements for preventive settlement, restructuring, and bankruptcy declarations.
The administrative framework of the Court is further detailed in the decision, specifying the units affiliated with the Court and their jurisdictions to enhance operational efficiency. The resolution also outlines the involvement of bankruptcy experts and consultants, who may be called upon to assist with debtor asset management, enforcement of precautionary measures, and other related tasks.
This decision marks a significant development in establishing a legal environment conducive to financial stability, aiming to streamline procedures and balance justice with economic continuity, maintaining high standards of efficiency and transparency.
