Minister of Commerce issues rules on cross-border bankruptcy proceedings

Saudi Minister of Commerce, Majid Alkassabi

Saudi Minister of Commerce, Majid Alkassabi, issued the rules on cross-border bankruptcy proceedings, which will be effective from the date of publishing them on the official gazette.
 

The cross-border bankruptcy procedure is a collective judicial or administrative procedure in a foreign country, even if it is temporary, as per the bankruptcy law.

Under this law, the debtor’s assets and funds are subject to the control or supervision of a foreign court for the purpose of financial reorganization or liquidation, Umm Al Qura newspaper reported.