Saudi Arabia has published the executive regulations of the much-anticipated bankruptcy law, which took effect as of September 10.
The 98-article blueprint regulates business bankruptcy cases, including preventive settlement proposals, financial restructuring, clearance, debt swap and priority of debts.
The law exempts debtors, business owners, chief executives, board members and auditors from Companies Law’s provisions on the cap of incurred losses, if the financial restructuring procedure was started ahead of the deadline provided under the Companies Law, unless a court rejects the financial restructuring request.
The regulations were published yesterday into Arabic-speaking official gazette, Umm Al-Qura.
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