Gulf insolvency over 4.2M dirhams
The Dubai Court declared a Gulf national bankrupt after it was proven that he is unable to repay debts amounting to 4.2 million dirhams. He only has a bank balance of 1,200 dirhams and a 2008 model car valued at 13,000 dirhams, with a ban on obtaining new financing or taking on additional financial commitments. The main debt of the private hospital, totaling 4.216 million dirhams, was officially recognized, along with 18,000 dirhams for unpaid electricity and water services. Following a thorough audit of the assets, the court confirmed the application of the bankruptcy system to protect the debtor from further obligations.
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