Saudi Minister of Commerce, Majid Alkassabi
Saudi Minister of Commerce, Majid Alkassabi, issued the rules on cross-border bankruptcy proceedings, which will be effective from the date of publishing them on the official gazette.
The cross-border bankruptcy procedure is a collective judicial or administrative procedure in a foreign country, even if it is temporary, as per the bankruptcy law.
Under this law, the debtor’s assets and funds are subject to the control or supervision of a foreign court for the purpose of financial reorganization or liquidation, Umm Al Qura newspaper reported.
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