Many foreign companies operate their business by having JV, subsidiary or branch in Saudi Arabia. The directors or shareholders seek to avoid personal liability for the company's debts and to protect their personal assets and reputation if the business fails in Saudi Arabia.
As company owns the assets of business and will be liable for any debts incurred. But a shareholder, will not be held liable personally liable for the company's debts and other financial liabilities. And the Company's reputation will be affected if proper settlements are not made to the creditors, wages of labors and vendors. In certain conditions that the Directors or Shareholders will be compelled to issue personal guarantee.
Moreover, few foreign companies have left without liquidating and cancelling the registration and license through legal procedures. This leads to severe issues in later stages allowing the creditors including government agencies to take legal proceedings inside Saudi Arabia or in domicile jurisdiction.
We help such debt facing companies to resolve their critical debt problems by way of liquidation as per the law and settle the creditors through appropriate legal procedures and safeguard the company's reputation and secure the shareholders or any individuals from any personal liabilities. We make sure that the company will be out of all liability to local authorities in terms of any penalties or compliance notices which might be pending on the company.