Embassy of Saudi Arabia issued the following announcement on Feb. 21.
The Kingdom of Saudi Arabia announced the approval of the Ministry of Commerce and Investment’s submission on bankruptcy legislation.
The awaited Bankruptcy Law is the latest in structural developments in the Kingdom’s business legal framework and is part of the overall reform efforts, under Vision 2030, to further facilitate a healthy business environment that encourages participation by foreign and domestic investors, as well as, local small and medium enterprises.
The legislation includes, but is not limited to, general regulations, preventive actions, measures for financial restructuring, as well as, settlement procedures.
Original source can be found here.
