1)

The committee referred to in Clause (1) of Article (78) of this Decree- Law shall prepare its report on the restructuring plan within a period not exceeding fifteen (15) days from the date the debts are established and invite creditors to approve the plan under an announcement to be published in two local daily newspapers, one of which is published in Arabic, provided that the plan is approved by creditors representing at least three-fourths of non-preferred creditors and unsecured by a pledge.

2)

In the event that the creditors approve the plan, in accordance with the provisions of Article (a) of this Article, the committee shall submit this plan to the CBUAE, which shall accordingly be submitted to the Board for approval.

3)

In the event that creditors reject the plan prepared in accordance with the provisions of Clause (1) above, the Committee shall submit a report accordingly to the CBUAE, which shall submit it along with its recommendations to the Board.

4)

The Board may take an appropriate decision on the submitted plan in accordance with the provisions of Clause (1) above. In the event that the Board approves the plan, the restructuring procedures shall be proceeded with, and in case of rejection, the Board decides to take the appropriate action, pursuant to the provisions of Clause (2) of Article (33) of this Decree-Law.

5)

After completing the restructuring, a new Board of Directors of the company will be elected, pursuant to the provisions of the legislation in force in the State.