Financial Restructuring Committee holds its first meeting for 2022

​Chaired by His Excellency Younis Haji Al KhooriFinancial Restructuring Committee holds its first meeting for 2022​
His Excellency Younis Haji Al Khoori, Undersecretary of the Ministry of Finance (MoF), chaired the 14th meeting of the Financial Restructuring Committee – the first meeting for 2022. The meeting sought to discuss draft amendments on the committee’s jurisdictions well as the importance of forming a consultative council for the committee and its role and the desired results. The meeting also saw amending the criteria and conditions for registration in the list of experts in the fields of financial restructuring and bankruptcy in the UAE.The meeting was held in the presence of the committee members, namely: H.E. Dr. Maryam Butti Al Suwaidi, Vice-Chairman of the Committee and CEO of the Securities and Commodities Authority, H.E. Khalid Mubasheri, CEO of the Governance & Legislation sector in Dubai Economy, H.E. Hussam Hassan Abdullah Al Yammahi, judge of the Sharjah Federal Court of First Instance, and H.E. Mohamed Khaleefa Alnuaimi, Director-General of Executive and Financial Affairs at the Department of Finance – Abu Dhabi. H.E. Abdulaziz Al Nuaimi, Assisting Under-Secretary of the Commercial Affairs Regulation Sector at the Ministry of Economy, and Abdulaziz Nasser Rashid Al Mualla, Manager – Senior Examiner at the Central Bank of the UAE also attended the meeting. Additionally, Abdullah Muhammad Al Zaabi Director of Financial Operations Department at the Ministry of Finance, Arwa Mohammad Al Owais, Director of Accounts Department in the Central Department in Sharjah – representative of the Sharjah Government, Dr Hussam Al Talhuni, legal advisor to the Minister of Finance, Secretary of the Financial Restructuring Committee, Mohammad Al Muaini, Director of the Macroeconomic and Fiscal Department, Assistant Secretary of the Committee, and Dania Kurdy, assistant to the Committee for the implementation work attended the meeting.During the meeting, the committee’s agenda and budget were approved, and attendees deliberated and approved closing the financial restructuring files of some companies that submitted applications to the committee. That, in addition to approving the agreement on financial restructuring procedures with companies.The committee discussed the Federal Bankruptcy Law and its amendments and contracting with the World Bank to prepare studies on requirements to amend the law and restructure it to be aligned with international standards. This project is expected to be completed in Q3 of 2022, and upon amending and approving the law; it will be published in the Official Gazette.The Financial Restructuring Committee was formed in accordance with Decree No. (4) of 2018 regarding the formation of the Financial Restructuring Committee, which includes nine members headed by the Undersecretary of the Ministry of Finance, as well as representatives from the Ministry of Finance, the Ministry of Economy, the Ministry of Justice, the Central Bank of the UAE, the Securities and Commodities Authority, Abu Dhabi Government, the Government of Dubai, and the Sharjah Government.