26 July 2019
The New Saudi Insolvency Law represents a significant step towards the achievement of Saudi Arabia’s Vision 2030 and to improve the position of Saudi Arabia in the World Bank's Ease of Doing Business rankings. It seeks to deliver a law which is modern in its approach, comprehensive in its scope, and transparent, predictable, and efficient in its intended operation. The reforms focus on ensuring an efficient management of a debtor's estate, including the preservation of enterprise value where possible, and the maximisation of realisable value and redeployment of capital where necessary. In this briefing we summaries the New Saudi Insolvency Law and the impact it is likely to have in the region, not simply in dealing with distress but improving access to finance by ensuring more viable businesses are rescued and facilitating growth and sustainability in the overall economy.
The new Saudi insolvency law and its implementing regulations