Logo of United Cooperative Assurance Co. (UCA)
United Cooperative Assurance Co. (UCA) said it had received a ruling from the Ninth Commercial Circuit of the Commercial Court in Riyadh ordering the opening of liquidation proceedings against the company.
The court also appointed Marei Al-Omari as trustee to carry out the functions, powers, and duties set out in the Bankruptcy Law and its Executive Regulations, the company said in a statement to Tadawul on Sept. 30.
The ruling also lifted the attachment over all of the company’s assets and ordered their delivery to the trustee. The court rejected the company’s request to open financial reorganization proceedings.
UCA said it would review the ruling and the…