Latest Marka News
Oct 20, 2021
... Marka’s bankruptcy.. This is the expected fate of the members of... Jimmy Houla, Managing Partner of BSA Ahmad Bin Hezeem and Associates, reviewed the dimensions of the Dubai Courts of First Instance ruling declaring the bankruptcy of Marka company and liquidating its funds, including its subsidiaries, and the expectations about the responsibility of the Board of Directors and the judgments issued in this regard. In an interview with Al-Arabiya, Houla described the ruling on declaring Marka’s bankruptcy a precedent of its kind, but he reviewed a number of expectations regarding the legal position of the appeal regarding the ruling, especially with regard to convicting and fining the former board members of the company. chance of appeal He explained that, with this decision, the court had issued the first ruling of its kind under the bankruptcy law based in the UAE about two years ago, and in which it declared the bankruptcy of a public joint stock company, with the conviction of members of the board of directors and managers and seizing their properties, so that this ruling is also unique in terms of its comprehensiveness. He said that the prosecution took certain periods before the ruling was issued, which “does not mean that all members of the board of directors are responsible for what happened,” explaining that “the judgment in it is more than one split, the first according to which bankruptcy was declared, and the second concerned with the members of the board of directors, which can be appealed, grievance, or The petition is against him because, under the Commercial Companies Law, members can defend their rights.” He considered that this ruling comes as a proof of the effectiveness of the bankruptcy law through a realistic practical situation, and it will result in increasing confidence in attracting foreign projects. The court obligated the former members of the board of directors and the former directors to jointly pay an amount of 448 million dirhams in favor of the creditors. Marka was launched in 2014 and was the first on the Dubai Financial Market since 2009, targeting $175 million and raising $2.7 billion in approximate numbers. These were the details of the news Marka’s bankruptcy.. This is the expected fate of the members of... for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new. It is also worth noting that the original news has been published and is available at saudi24news and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.