RIYADH: The Shoura Council on Monday approved the draft bankruptcy law which consists of 231 articles distributed over 17 chapters, including general provisions.
The draft law aims to regulate bankruptcy procedures for preventive settlement, financial reorganization, liquidation, preventive settlement for small debtors, financial reorganization for small debtors, liquidation for small debtors and administrative liquidation.
The provisions of this law will apply to any person who carries on business or profit-making activities in the Kingdom.
Such provisions shall also apply to commercial and professional companies, entities, organizations and non-Saudi investors.
In another resolution, the council also approved the draft law of transfer and Saudization of technology, submitted by council member Dr. Fahad Al-Anzi, based on Article 23 of the Council’s Law.
The draft law, which consists of 35 articles, aims to keep abreast of the advanced scientific and technical developments in various economic fields, enhancing Saudi Arabia’s own capabilities and enhancing the efficiency of its technical base as well.
It also aims to build the national capabilities and resources necessary to manage, use and develop the transferred technology, in addition to diversifying sources of income and encouraging innovation and development.