The Kingdom of Saudi Arabia overhauled its corporate insolvency framework in 2018 with the introduction of a new bankruptcy law. In this client alert we examine the new Bankruptcy law in detail.
Executive Summary
The bankruptcy law that came into effect in the Kingdom of Saudi Arabia in 2018 reshaped the legal landscape with regards to the restructuring and liquidation of companies in the Kingdom. It established the framework for the administration of restructuring and liquidation procedures in Saudi Arabia, through the Commercial Courts and a newly formed Bankruptcy Commission. In addition, it set out a number of clearly defined restructuring and liquidation procedures to which a company may be subject, depending on its circumstances, …
Read the full article at: https://www.jdsupra.com/legalnews/the-saudi-bankruptcy-law-a-seismic-shift-8579637/