The Committee shall have the following authority:
- To supervise the administration of the financial reorganisation of financial establishments licensed by the Competent Supervisory Authority, in order to facilitate amicable agreements between the Debtor and its creditors with the assistance of one or more expert(s) appointed by the Committee for this purpose in accordance with the procedures stipulated in the
- To establish an approved panel of financial reorganisation and bankruptcy experts to perform any acts entrusted to them under the provisions of this Law, in coordination with the Ministry of Justice or any Local Judicial Authority in the Emirates, and to approve the conditions and procedures for listing in the Panel of Experts.
- To determine a schedule of fees and reimbursable expenses to be paid to the appointed experts for rendering the financial reorganisation services as assigned, and such e expert shall be considered a public
- To establish and organize a register of persons against whom court orders are issued, including any restrictions ordered by the Court, or resulting disqualifications pursuant to the provisions of this The Committee shall issue a resolution specifying the form of the register and the information to be included therein, the persons entitled to review the register and the conditions thereof, and any other relevant provisions.
- To submit periodic reports to the Minister on its work, achievements and proposals to enable the Committee to perform the duties entrusted to it by this Law.
- Any other powers provided for in this Law or delegated to the Committee by the Cabinet.
The entire contents of this article is solely for information purpose and have been prepared on the basis of relevant provisions and as per the information existing at the time of the preparation.. It doesn't constitute professional advice or a formal recommendation. The author has undertook utmost care to disseminate the true and correct view and doesn't accept liability for any errors or omissions. You are kindly requested to verify & confirm the updates from the genuine sources before acting on any of the information's provided herein above.