Agreed principles for implementing an estate liquidation plan
Division of Estates
The estate, inside and outside the Kingdom, consists of liquidating the deceased's domestic and foreign real estate and shares, receiving their value and cash abroad, then dividing it among the heirs according to the Sharia shares, safeguarding the deceased's office and documents in a secure independent location under the direct supervision of the liquidation alliance, and using the information in the deceased's papers to conclude all related affairs with all authorities.
Preliminary work for liquidating the estate in accordance with the Personal Status Court announcement
- Publishing the liquidation decision.
- Preparing a comprehensive statement of the estate's assets and liabilities within three months of the liquidation date.
- Receiving deeds and seals and inventorying the accounting records.
- Closing the accounting records and opening new ones.
- Transferring current bank balances to new accounts in the name of the estate.
- Studying the organizational structure of the business units and potential cost savings in light of current and expected workload.
- Engaging the current employees of each business unit in managing the estate.
- Forming a committee of key employees in each unit to assist the liquidator in planning, executing and following up the work, with periodic meetings to ensure smooth operation and resolve problems.
- Continuous consultation with the heirs, particularly regarding their current areas of responsibility.
- Paying monthly instalments to the heirs within available liquidity and without prejudice to creditors' rights.
