Trustees to liquidate assets according to the powers of the IFLA system

0
53


The Commercial Court decided to implement all legal provisions in this regard. The owners agreed to liquidate

The Riyadh Commercial Court decided to liquidate the Saudi Oger company and appoint two secretaries to expedite the liquidation procedures in accordance with the duties, powers and duties of the trustees mentioned in the bankruptcy system.

The ninth department of the Commercial Court in Riyadh had received a claim from a local bank for not implementing provisions in its favor despite its issuance, as the company’s cash assets amounted to 83 million, while creditors ’claims amounted to nearly 21 billion.

The bank requested the liquidation of the company’s assets to pay its dues, and after continuous deliberations and letters to the judicial department of several related parties, the debtor company provided documents confirming that it has approximately 62 real estate lands, with an expected value of 11 billion, in addition to a number of shares and stakes in various companies, while the owners agreed to Filter procedures.

The Commercial Court decided to implement all legal articles related to the bankruptcy system with the company, the most important of which is the handwriting of the debtor from the management of his activity, and the suspension of all claims against the company or its assets except for the travel ban and seizure of assets, as of the date of filing the case on 12 Dhu al-Qi’dah 1440 AH, and Tamkeen Trustees of liquidation from all the bank accounts of the company and all possible assets so that we can find appropriate solutions to pay those who are due.

The affected people had filed a suit accusing the company owners of intentionally hiding the fact of its financial condition, from achieving its loss and accumulating debts to it, to very high levels, exceeding 28 times the capital of seven hundred and fifty million riyals, and the defendants did not work to address the company’s situation, and correct the errors according to To the corporate system.

Riyadh Commercial Court
saudiOger

Saudi Oger developments: Trustees to liquidate assets in accordance with the powers of a bankruptcy system

Already

The Riyadh Commercial Court decided to liquidate the Saudi Oger company and appoint two secretaries to expedite the liquidation procedures in accordance with the duties, powers and duties of the trustees mentioned in the bankruptcy system.

The ninth department of the Commercial Court in Riyadh had received a claim from a local bank for not implementing provisions in its favor despite its issuance, as the company’s cash assets amounted to 83 million, while creditors ’claims amounted to nearly 21 billion.

The bank requested the liquidation of the company’s assets to pay its dues, and after continuous deliberations and letters to the judicial department of several related parties, the debtor company provided documents confirming that it has approximately 62 real estate lands, with an expected value of 11 billion, in addition to a number of shares and stakes in various companies, while the owners agreed to Filter procedures.

The Commercial Court decided to implement all legal articles related to the bankruptcy system with the company, the most important of which is the debt of the debtor from the management of his activity, and the suspension of all claims against the company or its assets except for the travel ban and seizure of the assets, as of the date of filing the case on 12 Dhu al-Qi’dah 1440 AH, and Tamkeen Trustees of liquidation from all the bank accounts of the company and all possible assets so that we can find appropriate solutions to pay those who are due.

The affected people had filed a suit accusing the company owners of intentionally hiding the fact of its financial condition, from achieving its loss and accumulating debts to it, to very high levels, exceeding 28 times the capital of seven hundred and fifty million riyals, and the defendants did not work to address the company’s situation, and correct the errors according to To the corporate system.

January 22, 2020 – 27 Jumada I 1441

11:43 AM


The Commercial Court decided to implement all legal provisions in this regard. The owners agreed to liquidate

The Riyadh Commercial Court decided to liquidate the Saudi Oger company and appoint two secretaries to expedite the liquidation procedures in accordance with the duties, powers and duties of the trustees mentioned in the bankruptcy system.

The ninth department of the Commercial Court in Riyadh had received a claim from a local bank for not implementing provisions in its favor despite its issuance, as the company’s cash assets amounted to 83 million, while creditors ’claims amounted to nearly 21 billion.

The bank requested the liquidation of the company’s assets to pay its dues, and after continuous deliberations and letters to the judicial department of several related parties, the debtor company provided documents confirming that it has approximately 62 real estate lands, with an expected value of 11 billion, in addition to a number of shares and stakes in various companies, while the owners agreed to Filter procedures.

The Commercial Court decided to implement all legal articles related to the bankruptcy system with the company, the most important of which is the debt of the debtor from the management of his activity, and the suspension of all claims against the company or its assets except for the travel ban and seizure of the assets, as of the date of filing the case on 12 Dhu al-Qi’dah 1440 AH, and Tamkeen Trustees of liquidation from all the bank accounts of the company and all possible assets so that we can find appropriate solutions to pay those who are due.

The affected people had filed a suit accusing the company owners of intentionally hiding the fact of its financial condition, from achieving its loss and accumulating debts to it, to very high levels, exceeding 28 times the capital of seven hundred and fifty million riyals, and the defendants did not work to address the company’s situation, and correct the errors according to To the corporate system.

LEAVE A REPLY

Please enter your comment!
Please enter your name here