Al-Khaleej Stands Out with Bankruptcy Ruling of 337 Million Dirhams

The Dubai Commercial Court of Appeal recently upheld a declaration of bankruptcy for a debtor owing 337 million dirhams. The debtor was unable to pay their debts, leading to the seizure and distribution of all their property to creditors. The bankruptcy proceedings were initiated in April 2023 when the applicant, citing financial instability, stopped paying debts for 30 working days.

Following evaluation by an expert and consultation with the Public Prosecution, the court accepted the bankruptcy request in November 2023. However, two bank agents objected to the bankruptcy case and appealed to the court of first instance. The court outlined conditions for bankruptcy proceedings, including a minimum debt and absence of payment after creditor notification.

The court evaluated expert reports and declared bankruptcy based on the debtor’s inability to continue business and failure to pay debts. In addition to the bankruptcy case, the content includes information on various gambling and bonus websites, listing trusted sites for online betting and casino games. These sections cover topics such as welcome bonuses, reliable gambling sites, and current offers for new players.

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