"MCI" Thursday is the deadline to receive the public views on the bankruptcy system project

19 Oct 2016
In the 26th of Muharram, the current Hijri month corresponding to the 27th of October ends the period set by the Ministry of trade and investment for those who are interested in expressing their views and suggestions about the bankruptcy system project.
The Ministry of trade and investment prepared the bankruptcy system project on 12/24/1437 corresponding to 25 / 9/2016 and acquired the public's suggestions and opinion about it as part of its role in updating the rules and regulations for the trade and investment sector within the initiatives of the National Transformation Program 2020 and the Saudi Vision 2030. The Ministry also organized a workshop to discuss the project with specialists from governmental sectors last week.
The bankruptcy system project is in collaboration with international expert law firms in this area. This project goes with a particular methodology that was adopted to monitor the needs of traders and investors in the Kingdom and an analysis of financial pitfalls they faced. Furthermore, studying the best international practices in the field of bankruptcy and analyze the laws of England, Wales, France, American, Germany, the Czech Republic, Singapore, and Japan.
The selection of these countries was based on several criteria, including the availability of dealing with bankruptcy cases in various ways suitable to the case of the debtor, through the liquidation of its assets or enact the procedures to sustain the economic activity, in addition to the diversity of legal schools, the policies and directions of their bankruptcy systems. The ministry also put in mind the studies and recommendations of specialized international organizations like the World Bank and (Uncitral) and others, and analyze the results of these studies to adapted them in light of the realities and needs of the commercial and investment activities in the Kingdom.
The Ministry of trade and investment called the public to participate and demonstrate their opinions through this link: click here or send the suggestions and comments to this e-mail: insolvencylaw@mci.gov.sa

Last Modified 26 Dec 2018