Saudi justice ministry has said today that it has approved the rules for bankruptcy procedures at commercial courts in coordination with the Supreme Judicial Council. The rules regulate bankruptcy procedures according to bankruptcy law, regulations, and the nature of the cases.
In order to formulate the rules, the Saudi Ministry of Justice investigated the requirements of bankruptcy cases, consulted with relevant authorities, and studied a number of global practices in this area.
The approved rules chart the course of bankruptcy cases from filing up to final decisions. They set time frames, emphasize the role of relevant court units, and utilize digital means for enhancing the efficiency of procedures.