Riyadh — Mubasher: United Cooperative Assurance Company announced that the Ninth Commercial Circuit of the Riyadh Commercial Court issued a judgment on 30 September 2026 to initiate liquidation proceedings for the firm.
The ruling, under case number 481001140, follows a petition filed by one of the company's creditors and a subsequent judicial hearing held on 29 September 2026, according to a bourse filing.
The court appointed Marei Abdulaziz Marei Al Omari as the bankruptcy trustee to oversee the liquidation process in accordance with the Bankruptcy Law and its executive regulations.
As part of the judgment, the court ordered the lifting of seizures on all company assets and their transfer to the trustee.
Meanwhile, the court notably rejected the company’s counter-request to open financial reorganization proceedings, which the board of directors had sought on 13 September 2026 to ensure business continuity.
United Cooperative Assurance stated it will study the grounds of the ruling to prepare an appeal before the Court of Appeal.
The company further noted that the financial impact of the court’s decision cannot be determined at this stage and confirmed it will disclose further developments as they occur.
