Wafa Insurance says unable to pay third instalment of creditors' dues on time

29/06/2021 Argaam

Logo of Saudi Indian Company for Cooperative Insurance

Saudi Indian Company for Cooperative Insurance (Wafa Insurance) announced today that it could not pay the third instalment to its creditors at the time specified in the financial reorganization plan, according to a bourse filing.

 

The company said that it will take the necessary procedures in accordance with the Bankruptcy Law and its regulations and the Companies Law.

 

The financial impact cannot currently be determined, the company said, adding this impact, if any, will be disclosed in due course.

 

On Nov. 9, 2020, Wafa Insurance received the final judgment document on financial restructuring from Riyadh Commercial Court. The firm paid the first instalment of creditors' dues in December 2020.

 

The insurer announced the start of paying the second instalment of creditors' dues on March 27.

Comments {{getCommentCount()}}

Be the first to comment

{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
{{comment.Replies.length}}
تعديل
loader Train
Report
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.