• The following words and phrases - wherever they appear in these rules - shall have the meanings indicated next to them unless the context requires otherwise:

  • 1- Center: Entrustment and Liquidation Center.
  • 2- Committee: A committee formed by the CEO concerned with studying registration requests.
  • 3- Service Provider: The person licensed to provide technical services related to liquidation.
  • 4- Assignee: A service provider to whom the tasks and works related to liquidation are assigned.
  • 5- Sale Committee: A committee formed by the CEO concerned with applying all rules and procedures approved by the Center on the sale process and supervising it.
  • 6- Parties to the Relationship: All those related to the sale and liquidation process, including the executor, the executed against, the heirs, and the service provider (licensed by the authority supervising the activity).
  • 7- Competent Authorities: Courts and all government agencies.
  • 8- Assigning Authority: Judicial authorities, government, private sector, and individuals.
  • 9- Assigning the Sale and Liquidation Works to the Center: The approval of judicial, governmental authorities, and stakeholders for the Entrustment and Liquidation Center as an independent public administrative entity for all necessary works and tasks of division, liquidation, and sale.
  • 10- Common Funds: Funds shared by more than one party, such as estates.
  • 11- Heirs: Every person entitled to the estate whose name appears in the determination of heirs deed.
  • 12- Exit: Agreement among partners to leave their share of the common money to others in exchange for a known compensation.
  • 13- Waiver: Agreement among partners to leave their share of the common money to others without compensation or to a third party.
  • 14- Instructions: Regulations, decisions, and contracts related to the service provider.
  • 15- Task: Any work, service, act, assignment, management, consultation, report, or evaluation performed by any party for the benefit of the Center.
  • 16- Platform: The Center’s electronic platform.

• The rules include all service providers, including but not limited to:

  • 1- Sales Agent 4- Attorney 7- Judicial Receiver
  • 2- Appraiser 5- Certified Public Accountant
  • 3- Engineer 6- Judicial Custodian

• The applicant for registration must meet the following conditions:

  • 1- To be licensed by the competent authority.
  • 2- To submit the registration application through the center's dedicated platform and fulfill the requirements specified on the registration platform.

• A committee shall be formed at the center - by a decision of the Chief Executive Officer - to undertake the following:

  • 1- Study the registration applications submitted to the center, examine them, and submit the necessary recommendations regarding their acceptance or rejection.
  • 2- Inquire from the applicant, or from the relevant authorities, if needed - during the study of the registration application - about any information or clarifications regarding the submitted application; so that it can, based on that, submit the necessary recommendations regarding the acceptance or rejection of the registration application.
  • 3- Submit to the competent authority a request to issue a temporary license for an unlicensed service provider whenever necessary.

• A special register shall be established at the center for each registered service provider, and the register shall include the following:

  • 1- Copies of certificates and licenses submitted at the time of registration, updated whenever the register data is amended.
  • 2- Previous projects and their evaluations.
  • 3- License status.
  • 4- Penalties and warnings issued against the provider and the dates of their imposition.

The center establishes regulations and classification standards for the service providers registered with it, which serve as a reference for the center in the assignment process.

The assignment is made electronically through the list of service providers registered with the center, either by direct assignment in accordance with the regulations specified by the center or by requesting bids from service providers.