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Earlier this year Saudi Arabia issued a historic new Bankruptcy Law (Saudi Arabia Royal Decree No. M5/1439 and Saudi Arabia Cabinet Decision No. 264/1439), the Kingdom’s Council of Ministers has adopted the new law’s Implementing Regulations in Saudi Arabia Cabinet Decision No. 622/1439 which was published in the Official Gazette, Issue 4744 on September 4, 2018.Dario Najm, Associate at BSA Ahmad Bin Hezeem & Associates LLP in Riyadh explains the Implementing regulations, the requirements to be considered for bankruptcy trustees and experts. The article highlights some common provisions for all bankruptcy proceedings that are applicable in the Saudi bankruptcy proceedings. Explaining the preventative settlement proceedings, financial reorganization proceedings, liquidation and what is next. Read the full article here

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