Syed Hussein Al -Qassab
The Minister of Social Development, Osama Al -Alawi, issued an official decision to dissolve the Layla Fakhro Foundation for Social Development, and the appointment of Talal Abu Ghazala Consulting Company LLC, as a refiner to the dissolved institution, to take over the liquidation process and distribute its output within a period not exceeding six months from the date of the resolution.
The decision indicated that the liquidation fees deserve after the end of his mission, and the institution and the founder bear it, indicating that the liquidator will be responsible for managing the fully liquidation process in accordance with the provisions of the law and the statute of the institution, including settling obligations, fulfilling rights and consuming funds.
The minister stressed that the decision prohibits the members of the institution and those in charge of its administration and employees to continue to practice any activity in the name of the institution or dispose of its funds after the start of the decision, stressing that the administration must hand over the liquidation all documents and records related to the institution immediately.
He added that the disposal of any of the rights or property of the institution by its employees or the deposited bank has its money or the debtors of it will not be legitimate except by a written order issued by the filter and according to the applicable legal regulations.
He indicated that the liquidator is charged with taking all necessary measures to preserve the institution’s assets and rights, collect its dues with the various parties, and pay off the debts on it, while adhering to the provisions of the Foundation’s statute regarding the order of priorities and procedures.
He pointed out that all the remaining funds and assets after the end of the liquidation process will be transferred to the Adel Fakhro Foundation and Mona Al -Muayyad Charitable, registered by Resolution No. 25 of 2013, according to what was stipulated in the decision.
He stressed that the liquidator is required to provide a detailed closing account on the liquidation work to the Ministry of Social Development upon completion of his duties, to document the measures taken and determine the final financial status of the dissolved institution.
