New body speeds up processing of Saudi judicial liquidation

  • 7/5/2020
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JEDDAH: Local and international licensed companies in chartered accounting, legal services, judicial custody, treasury and other areas are to benefit from an agreement over the handling of judicial liquidation cases. The agreement signed between the Ministry of Justice and the newly established Entrustment and Liquidation Center (infath) provides the necessary governance and accountability measures to process the cases faster. The agreement will enable infath to commission licensed companies from the private sector in services such as accounting, evaluation, law, engineering, property management, marketing and sales and allow them to competitively participate in liquidation. Infath assigns each case to suitable service providers based on the experience of the provider and the nature of the asset. During the past few months, infath was able to develop an integrated business platform and attract a diversified pool of relevant service providers. It also delivered a liquidation for the first time during Ramadan, which was entrusted by the private sector. Entrustment and Liquidation Center “infath” is one of the National Transformation Program 2020 initiatives that seeks to achieve excellence in government performance and raise the overall efficiency of the judicial ecosystem. It is an independent governmental center seeking to build cooperation between the judicial and governmental entities in liquidations, sales and other areas and entrusting them to the private sector with full transparency. Registration is currently available at (infath.sa)

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