SACC 15316/1440
Type
Case
Court
Saudi Arabia Commercial Court
Jurisdiction
Saudi Arabia
Taxonomy
General Landlord & Tenant, Liquidation, Corporate Restructuring
Decision date
15 Dec 2021
Catchwords
Restructuring - Terminated - Conditions - Liquidation Commenced - Eviction - Property Company
This case involved whether the conditions were present for financial restructuring to be terminated and liquidation commenced after a property business had been evicted from their last property.
Background
The bankruptcy trustee submitted a request to the court to terminate financial restructuring proceedings for a debtor as it was impossible to implement the plan. He said that the debtor could not continue their commercial activity which was leasing residential units, as a judicial decision had been issued requiring the debtor to vacate the property, which was the debtor's sole commercial activity.
The debtor requested the court to terminate the financial restructuring proceedings and initiate liquidation proceedings under the bankruptcy law.