19 September 2022: The Financial Restructuring Committee (FRC) recently held the second meeting of its Consultative Council, which provides an open discussion forum between the FRC and the experts in the field of financial reorganisation of defaulting companies and bankruptcy cases.
His Excellency Younis Haji Al Khoori, Undersecretary of the Ministry of Finance (MoF) and Chairman of the FRC chaired the meeting, which was held in Dubai. In attendance were Lawyer Mohammed Al-Suwaidi, Chairman of the CIG, Dr. Hussam Al Talhuni, legal advisor to the Minister of Finance, Secretary of the FRC; Mohamad Al Moueiny, Assistant Secretary of the FRC; and Mira Al Jabri, Project Manager; as well as a number of financial experts.
During the meeting, H.E. Al Khoori emphasised the key role played by the Consultative Council in strengthening cooperation between the FRC and experts in the field of financial reorganisation of defaulting companies and bankruptcy cases. H.E. also reaffirmed the council's keenness to create an interactive atmosphere with experts and consultants whose practical knowledge is in line with the highest international standards. “The Consultative Council is an important platform to deliberate the obstacles 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,” H.E. stated.
The meeting sought to preview the structure of establishing the Consultative Council of the FRC, the main objectives behind the formation of the Council, as well as discuss the development of the financial reorganisation service. The meeting also deliberated the best ways to communicate relevant information about financial restructuring procedures and how to generalise it to the community.
The meeting also discussed the 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. Additionally, the members reviewed means of dealing with experts the field of financial reorganisation of defaulting companies and bankruptcy cases, and means of empowering and qualifying the registered experts. They also deliberated ways to develop programmes and train experts, lawyers, and the judiciary on issues of financial reorganisation and bankruptcy. The members of the Consultative Council shall be nominated by the FRC members, provided that they are experts in the field of financial reorganisation and bankruptcy. The membership of the Consultative Council currently consists of at least seven members who are natural or legal persons who practice their business in the UAE.
