United Cooperative Insurance Co. said the Riyadh Commercial Court had issued a decision accepting and registering an application filed by one of its creditors to open liquidation proceedings, stressing that the decision does not constitute a final ruling to liquidate the company or a decision to open liquidation proceedings.
In a statement, the company said the acceptance and registration of the application marked the start of judicial consideration under the relevant legal procedures and the provisions of the Bankruptcy Law and its implementing regulations.
Application subject to judicial proceedings
The company said the application would go through the prescribed judicial stages and procedures, including enabling the relevant parties to exercise their statutory rights, culminating in a decision by the competent court on whether to open liquidation proceedings or take another action under the law.
It said it would continue taking the necessary statutory and legal steps to protect its interests and those of its shareholders and stakeholders, noting that whether liquidation proceedings are opened remains subject to the decision of the competent court.
Challenge planned, along with request for financial reorganization
United Insurance said it continues to conduct its business and activities and plans to submit its legal defenses and objections to the liquidation application.
The company also plans to file a request to open financial reorganization proceedings, with the aim of preserving business continuity and protecting the rights of the company, its shareholders, creditors and stakeholders.
Creditor's application filed on 10 September 2026
The company had announced on 10 September 2026 that one of its creditors had approached the Riyadh Commercial Court to register an application to open liquidation proceedings, stressing that it would disclose any future material developments in accordance with the relevant statutory requirements.
