Mohammed Yaseen, Staff Reporter
The Dubai Court declared the insolvency of a debtor who defaulted on his debts amounting to Dhs183 million and ordered the preservation of all his property in all types and forms, in preparation for distribution it to the creditors.
According to the case documents, the debtor filed a request to open bankruptcy proceedings in March 2024, justifying that by his inability to pay his debts for a period of 30 working days due to his tough financial situation.
After the court looked into the request, it appointed a financial expert to evaluate his condition, and then, after receiving the report, the court sought the opinion of the Public Prosecution, which…
