Dubai Civil Court of Appeal upheld the bankruptcy of a merchant and appointed an expert to liquidate his assets and settle his obligations to creditors.
The decision came after all previous attempts to resolve his financial situation had been exhausted and he had ceased to pay his debts.
The case dated back to May 2024, when a merchant (the debtor) filed a request to initiate bankruptcy proceedings, citing his deteriorating financial situation and failure to pay his debts for over 30 working days.
The debtor had previously filed an insolvency application with Dubai Courts, but the court rejected his request after reviewing the accounting expert’s report.
The debtor appealed the verdict, but…
