UAE | Crime
Court sanctions Dh6.5 million sale of bankrupt quarry in Fujairah
The Fujairah Federal Court has, on Monday, sanctioned the sale of a Fujairah-based stone-crushing quarry unable to meet its Dh10m debt to banks and other companies.
- By Fuad Ali, Staff Reporter
- Published: 16:29 October 7, 2008
Fujairah: The Fujairah Federal Court has, on Monday, sanctioned the sale of a Fujairah-based stone-crushing quarry unable to meet its Dh10m debt to banks and other companies.
The court decided to accept the highest bid of Dh6.5 million for the quarry after previously inviting bids for the deeds and assets of the quarry.
The court issued a seizure order against the quarry - and all its properties - after a serious of court rulings in favour of creditors proved fruitless as the quarry struggled with their mounting debts.
Court records show that the quarry owes up to Dh10 million to a bank and seven other companies.
The money recouped will be paid back to creditors on a percentage basis to satisfy all parties, the ruling decreed.
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