Badr bin Abdul Mohsen bin Abdullah bin Hadab was recently appointed assistant to the Saudi commerce minister by royal decree. Since 2016, he has been the undersecretary of policies and regulations affairs at the Ministry of Commerce and contributed to developing the legislative and commercial environment through supervising the drawing up of regulations and charts related to
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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, ranging from solvent restructurings to accelerated liquidation procedures, as well as clearly setting out the priority of debts on a liquidation. A number of companies have been restructur