Sunday 16 December 2018

15 Kuwait construction firms 'may declare bankruptcy'

KUWAIT, March 6, 2018

A total of 15 companies in Kuwait will soon declare bankruptcy due to lack or scarcity of liquidity and inability to meet their financial commitments for completing projects suspended for more than three years, a media report said.

The Ministry of Commerce and Industry (MoCI) has refused requests for liquidation from 13 companies in order to safeguard investor interests, added Al-Shahed Daily quoting sources.

The sources indicated that weak cash flow as well as administration problems have led some creditors to head to the ministry to liquidate some companies because profit margins have dropped by more than 80 per cent in the past three years.

Tags: Kuwait | bankrupt | Construction firms | liquidation |

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