Dubai contractor Arabtec Holding has confirmed that it will file an application for its insolvency liquidation at the courts at the “earliest opportunity”.
The decision was taken at a general assembly meeting held on November 30 and reversed efforts sought by a minority group of shareholders to restructure and save the company from liquidation.
“The board has concluded that it is no longer tenable for the company to continue operating outside of a formal insolvency process and that it is in the best interests of the company’s stakeholders that the company be placed into an insolvent liquidation (subject to court approval) at the earliest opportunity,” a statement issued by the company said, following the meeting on Monday.
The conclusion was reached following a two-month period of discussions with key stakeholders. During a board meeting in September, Arabtec shareholders