Riyadh – Mubasher: United Cooperative Assurance Company announced that the Commercial Court in Riyadh has accepted a request to initiate liquidation proceedings filed by one of the company’s creditors.
This development follows a previous disclosure on 10 September regarding the initial filing.
The company clarified that the court's acceptance of the filing is a procedural step to register the case and does not constitute a final judgment or a decision to liquidate the firm.
The matter will now undergo judicial review in accordance with the Bankruptcy Law and its executive regulations.
During this process, all relevant parties will be permitted to exercise their legal rights before the court reaches a final determination on whether to open liquidation proceedings or take alternative regulatory actions.
United Cooperative Assurance stated it is continuing its normal business operations and intends to submit legal defenses and objections against the liquidation request.
Furthermore, the company plans to apply for a financial restructuring procedure to ensure business continuity and protect the interests of shareholders and creditors. The insurer committed to disclosing any material developments as the judicial process moves forward.
