RIYADH — As part of the preparations for launching service providers’ platform, Entrustment and Liquidation Center (Infath) has signed five cooperation agreements with Bankruptcy Commission, Saudi Council of Engineers, Saudi Authority for Accredited Valuers, Saudi Bar Association and Saudi Organization for Certified Public Accountants.

The agreements, which were signed by the Infath chairman Waleed Alsamaani while working from following the directive of the Justice Minister, included a framework for technical integration that aims at verifying the professional certificates and exchanging of expertise between the Center’s employees and those entities with regard to sales and liquidation works. The agreements also emphasized on sharing qualifying mechanisms, best practices, technical and supervisory experiences, marketing programs and research.

The Center was represented by its CEO Turki Alkhulaif. The agreements included a cooperation agreement with the Bankruptcy Commission represented by its secretary general, Majed Alrasheed, as the authorized entity on issues of bankruptcy.

The agreement with the Saudi Authority for Accredited Valuers, represented by the Secretary General, Eng. Sultan Aljerais, aims at benefiting from the services of accredited valuers in liquidations and sales activities.

While the cooperation pact with the Saudi Organization for Certified Public Accountants, represented by the Secretary General, Dr. Ahmed Almaghames, seeks to enhance the role of legal accounting offices in major liquidations.

The agreement with the Saudi Council of Engineers represented by the Secretary General, Eng. Farhan Alshammari, will allow the Center to benefit from mechanisms for verifying technical licenses with the aim of expanding the scope of engineering consultancy in the sales and liquidation.

Finally, a cooperation deal with the Saudi Bar Association, represented by the General Secretariat, Dr. Alaa Naji, focuses on joint researches to develop legal services.

During the signing of the agreements, CEO Turki Alkhulaif underlined the importance of cooperation with technically specialized entities in order to achieve social, economic and judicial integration.

Such an aim can be attained by assigning liquidations works to technically specialized entities from the private sector under the Center’s supervision, as they provide services with high efficiency that contributes in serving justice and building solid social confidence.

Entrustment and Liquidation Center (infath) has been established at a time when the Kingdom is witnessing an immense transformation in many fields, including the judicial ecosystem.

The Center seeks to achieve cooperation between the judicial ecosystem and other government entities in fields of liquidations and sales.

It also aims at lifting the burden of technical supervision from the judiciary system, and relying on technically specialized entities from the private sector.

This will help immensely in enhancing the efficiency of financial security, thus building a social trust and providing many opportunities. — SG