Dubai Courts of First Instance ruled, on Sunday, declaring Marka bankrupt and liquidating its funds, including its subsidiaries.
According to the ruling, the company’s managers and members of its board of directors will be stripped from the management of the company and its subsidiaries in the state and abroad, and their hands will be removed from managing or disposing of its funds, paying any claims that arose before the decision to open the procedures, or borrowing any sums in its name, and obligating them to hand over all funds to the bankruptcy trustees. and the company’s documents that are under their hands within five days from the date of this ruling.
The court ruling also obligated the members of the board of directors and the managers, jointly among them, to pay in favor of the bankruptcy the debts of Marka Company amounting to 448.19 million dirhams.
The court ordered a precautionary seizure of the balances, accounts and funds of the company, and its subsidiaries, in all banks and its branches in the country, and on real estate, shares and bonds, and cars and vehicles belonging to it with the competent authorities.
Also, precautionary seizure was signed on the balances, accounts and funds of board members in all banks and their branches in the country, and on real estate, shares and bonds, and cars and vehicles belonging to them with the competent authorities.
The court approved the continuation of expert Dr. Reda Darwish Saleh Al Rahma, and the expert Ahmed Ali Ahmed Abdullah Al Hosani, the trustees of the procedures as trustees of the bankruptcy, and I assigned them to make an inventory of Marka and its subsidiaries and to initiate the procedures for selling them, liquidating their funds and distributing them to the creditors.