Logo of Ministry of Commerce
The Ministry of Commerce approved the rules on cross-border bankruptcy proceedings, in line with the United Nations Commission on International Trade Law (UNCITRAL), Saudi Press Agency reported.
The move reflects the Kingdom’s keenness to develop a highly-efficient commercial legislative and regulatory system, to keep pace with the continuous transformation journey the country is witnessing, especially as these legislations come in line with the best international practices, said Majid Alkassabi, Minister of Commerce and Chairman of the National Competitiveness Center (NCC). In December 2022, the minister issued the rules on cross-border bankruptcy proceedings, according to data compiled by Argaam.
These proceedings are a collective judicial or administrative procedure in a foreign country, even if it is temporary, as per the Bankruptcy Law.