The Financial Restructuring Committee (FRC) recently held the second meeting of its Advisory Council, which provides an open forum for discussion between the FRC and experts in the field of financial restructuring of failing companies and bankruptcy cases.

Younis Haji Al Khoori, Undersecretary of the Ministry of Finance (MoF) and Chairman of the FRC chaired the meeting, which was held in Dubai. Were present the lawyer Mohammed Al Suwaidi, president of the CIG; Dr. Hussam Al Talhuni, legal adviser to the Minister of Finance, secretary of the FRC; Mohamad Al Moueiny, deputy secretary of the FRC; and Mira Al Jabri, project manager; as well as a number of financial experts.

Al Khoori underlined the key role played by the Advisory Council in strengthening cooperation between the FRC and experts in the field of financial reorganization of failing companies and bankruptcy files. He also reaffirmed the council’s concern to create an interactive atmosphere with experts and consultants whose practical knowledge meets the best international standards.

“The Advisory Board is an important platform to deliberate on barriers that limit the willingness of the business community to use financial reorganization tools before the FRC or to go to court to seek financial restructuring or bankruptcy,” a- he declared.

The meeting aimed to preview the structure of setting up the FRC Advisory Board, the main objectives behind the formation of the Board, as well as to discuss the development of the financial reorganization service. The meeting also discussed the best ways to communicate relevant information on financial restructuring procedures and how to generalize them to the community.

The meeting also discussed the obstacles and reasons that limit the willingness of the business community to use financial reorganization tools before the FRC or to go to court to seek financial restructuring or bankruptcy.

In addition, members discussed ways to deal with experts in the field of failing business financial reorganization and bankruptcy cases, as well as ways to empower and qualify registered experts. They also reflected on ways to develop programs and train experts, lawyers and magistrates on issues of financial reorganization and bankruptcy.

The members of the Advisory Council are nominated by the members of the FRC, provided that they are experts in the field of financial reorganization and bankruptcy. Members of the Advisory Council currently consist of at least seven members who are natural or legal persons carrying on business in the UAE.

— business@khaleejtimes.com