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Initiating preventive settlement procedure

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Last week, we discussed salient features of the Kingdom’s bankruptcy law and the mechanism of filing for insolvency. This week we will continue to share some more details with our readers about preventive settlement procedure.
A debtor can initiate a preventive settlement procedure if he expects financial turmoil and is unable to pay debts, or if the assets he owns are not sufficient to pay off the debts.
The debtor may request a suspension of claims and the court may order a temporary extension for up to 90 days which can be extended further, provided the period of suspension does not exceed 180 days. During the period of suspension, claims against the debtor and enforcement procedures are stayed. ....

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Saudi Arabia's anti-corruption authority arrests 65 as crackdown continues

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Saudi Arabia General , Saudi Arabia , Majed Garoub , Corruption Authority Nazaha , Drug Authority , Authority Of Meteorology , Anti Corruption Authority , State Security , Saudi Food , General Authority , சவுதி அரேபியா ஜநரல் , சவுதி அரேபியா , மருந்து அதிகாரம் , அதிகாரம் ஆஃப் வானிலை ஆய்வு , எதிர்ப்பு ஊழல் அதிகாரம் , நிலை பாதுகாப்பு , சவுதி உணவு , ஜநரல் அதிகாரம் ,

Responsibilities of board members

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Joint stock companies have an important and large role in the Saudi economy. As a result, the Kingdom has approved many laws and regulatory procedures to facilitate the process of controlling companies, in addition to severe penalties for noncompliance with laws and specialized procedures.
According to the first paragraph of Article 71 of the Saudi Companies Law, there are specific controls for licensing business and contracts that are made for the company’s account, that the member of the board of directors has a direct or indirect interest in it.
Today we will briefly go through these controls in addition to addressing the scope of the indirect interest of a member of the board of directors in such business and contracts. ....

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