SACC 2360/1443
This case involved a request by a company owner to liquidate their company because as a result of COVID 19 they had debts they were unable to pay. A key issue was the company owner had not submitted sufficient detail of this own assets and those of the company.
Background
A claimant submitted request to the court to initiate liquidation proceedings for his company, citing the impact of the COVID-19 pandemic on the business , the accumulated debts, and an inability to repay them as the reason.
The court said that Article 5 of Saudi Arabia Cabinet Decision No. 264/1439 stipulated that the debtor must separate the values of the assets he owned and from those properties or assets which belonged to the company.
Decision
The court said that the case documents revealed that the debtor had failed to provide the court with a financial value of each property the company operated, and the list he had submitted was not detailed enough to determine whether the properties were owned by him or not.
The court dismissed the request.