The UAE’s Financial Restructuring Committee (FRC) has formed a Consultative Council of experts in the field of financial reorganization of defaulting companies and bankruptcy cases, it said on Tuesday.
The council, which recently held its first meeting, aims to create an interactive environment with experts and experienced consultants.
The panel will seek to build a bridge of cooperation and interactive working relations between the FRC and the community through open consultation. It will also study the development of the financial reorganisation service, explore means of preparing development programmes, and train experts, lawyers, and the judiciary staff on issues of financial reorganisation and bankruptcy.
The seven-member council is the first of its kind at the UAE level.