Saudi Indian Company for Cooperative Insurance (Wafa Insurance) announces the issuance of the Commercial Court’s decision in Riyadh ending the company’s financial reorganization procedure and opening the liquidation procedure
| Element List | Explanation |
|---|---|
| Announcement Detail | Saudi Indian Company for Cooperative Insurance (Wafa Insurance) announces the issuance of the decision of the Ninth Circuit of the Commercial Court in Riyadh on 11/05/1443 H corresponding to 15/12/2021 G, ending the company’s financial reorganization procedure and opening the liquidation procedure, and appointing Mr. Waleed bin Mohamed Subhi as trustee of the procedure, in accordance with the duties, powers and tasks of the trustee mentioned in the bankruptcy law and its executive regulations.
And since Article 217 of the bankruptcy law stipulates in its paragraphs (b) and (c) the following: “It is permissible for anyone with an interest to object before the court of appeal against the court’s judgment or its decision if the subject matter of the judgment or decision is any of the following: … b- Opening the liquidation procedure, the liquidation procedure for small debtors, or the administrative liquidation procedure, or refusing to open any of them. c- Termination or non-termination of any of the bankruptcy procedures..." Everyone with an interest may object before the Court of Appeal to the above-mentioned court’s decision within a period of 14 days starting from the date of issuing the decision. Any developments in this regard will be announced in due course. |
Comments