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Abdullah Abdulmohsin Al-Khodari Sons Company announced that it had received the decision of the First Commercial Department of the Commercial Court of Dammam to end the financial reorganization proceedings of the company and to initiate the liquidation proceedings.
Al-Khudari said that Badr Hatem Al-Tamimi has been appointed liquidator of the company, due to the vote of creditors to reject the financial reorganization proposal on 12/25/1442 AH corresponding to 08/04/21 AD.
According to a statement posted on the Saudi market website, “Tadawul”, “Al-Khudari” said, as article two hundred and seventeenth of the bankruptcy law stipulates in its paragraphs (b) and (c ) that: Its decision whether it is the subject of the judgment or the decision.
The liquidation procedure, the small debtors liquidation procedure, the administrative liquidation procedure, or the refusal to open one of them will be opened.
She clarified that any person with an interest can object before the Court of Appeal to the court’s decision within 14 days from the date of the judgment.
Al-Khudari said any developments in this regard will be announced in due course.
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