Saudi Arabia is currently handling 25 bankruptcy cases, of which 22 are equally divided between Riyadh and Jeddah, Alriyadh newspaper reported, citing Turki Al-Ruwaili, spokesperson for the bankruptcy committee.
Two claims have been filed in the Eastern Province, while another one will be addressed by competent authorities in the next few days.
“The firms that filed for liquidation are operating under various sectors, such as construction, administrative affairs, insurance, food and restaurants,” Al-Ruwaili said.
A total of 14 firms, six institutions and four entrepreneurs have benefited from the bankruptcy procedures.
"The existing law will apply retroactively on defaulters before the launch of the bankruptcy committee," Al-Ruwaili added.
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