“Saleh Al-Shubaili,” Executive Vice President of Corporate Communications at the Support and Liquidation Center “Enfaz,” said, that the center has recovered 1.49 billion riyals in financial claims and processed 1,500 assets through more than 110 auctions since it began operations.
On the sidelines of a workshop held by the Support and Liquidation Center, Al-Shubaili explained that the center’s initial focus was on real estate in specific cities across the Kingdom, but it later expanded to liquidate real estate across all regions of the Kingdom and moved on to livestock, gold, jewelry, and other assets.
He added that the liquidation period before the Center began operations was approximately 180 days, and it was reduced to 80 days once the Center began operations, noting that the Center aims to reduce this period to 60 days in cooperation with the enforcement courts, which represents added value for beneficiaries and yields benefits for the economy as a whole.
He explained that the center’s vision encompasses the delivery of justice and the stimulation of the economy—two interconnected goals achieved through the localization of knowledge regarding trade, the market, and procedures, as well as automation and the streamlining and acceleration of procedures, with the aim of developing assets and enforcing rights.
He noted that there is cooperation with judicial authorities, enforcement courts, and the Bankruptcy Committee, in addition to coordination with a range of bodies such as certified appraisers, accountants, and the Saudi Bar Association.
Regarding private-sector service providers, he said that the center works with more than 1,300 service providers, ranging from bailiffs and appraisers to engineers, sales agents, and management consultants, noting that the Center requires them to renew their commercial registrations and licenses to ensure they can continue working with it.
