A Dubai civil court has officially declared a Gulf national insolvent after determining that he is unable to settle accumulated debts totaling Dh2.56 million owed to seven creditors, including banks, private individuals, and housing finance institutions.
The court approved the insolvency petition and appointed a licensed insolvency trustee to examine the debtor’s financial standing and manage the proceedings.
Court records show that the debtor sought insolvency protection after submitting certified documents proving his inability to meet his financial obligations. He told the court that he is currently unemployed and has no regular income, aside from a Dh4,000 monthly allowance received from the Zakat Fund. He also…