Bankruptcy and Insolvency
Insolvency and Bankruptcy Lawyers in Saudi Arabia
Comprehensive Guidance and Support from Bankruptcy and Insolvency Law Experts
At Trabulsi & Co., we understand the complexities of financial distress and the sensitive nature of insolvency proceedings. As bankruptcy lawyers in Saudi Arabia, we are well-versed in the intricacies of the Kingdom’s bankruptcy and insolvency laws, ensuring that our clients receive comprehensive guidance and support through every step of the process. The Kingdom’s legal framework for bankruptcy and insolvency is designed to provide a fair and orderly method for dealing with financial difficulties, allowing for various procedures, such as protective settlement, financial restructuring, and liquidation.
Our insolvency legal services include advising on the most suitable insolvency procedure for your situation, whether you are a creditor seeking to recover debts or a company in need of reorganization. We navigate the legal landscape with precision, from the initial filing to the final resolution, ensuring that our clients’ rights and interests are protected. The Saudi Arabia bankruptcy law, issued by Royal Decree (M/50) and its implementing regulations, offers a structured approach to insolvency, aiming to balance the interests of all parties involved and support the continuity of viable businesses.
Trabulsi & Co. is committed to providing strategic advice tailored to the unique circumstances of each client. We assist in negotiating with creditors, preparing financial restructuring plans, and as legal counsel, representing clients in court proceedings if necessary. Our goal is to achieve the best possible outcome, whether that involves reaching an amicable settlement or pursuing a formal insolvency procedure. With the vision of Saudi Arabia’s National Transformation Programme in mind, we strive to contribute to the economic stability and growth of the Kingdom by helping businesses navigate through challenging times.
Bankruptcy and Insolvency Legal Services in Saudi Arabia
As bankruptcy and insolvency law experts, we provide comprehensive support and guidance for clients, from initial filing to final resolution. Our extensive experience in Saudi Arabia’s bankruptcy framework allows us to work with creditors and debtors, balancing the interests of both parties. We keep pace with the changing legal landscape, ensuring you meet regulatory as well as financial obligations.
We advise and represent clients from a number of sectors, giving us the expertise to provide strategic solutions tailored to the unique situation of each client, from individuals and establishments to global corporations. At Trabulsi & Co., we recommend the most suitable insolvency procedure (protective settlement, financial restructuring, or liquidation).
Our key services include:
Bankruptcy Proceedings – We provide precision support in the preparation and submission of bankruptcy filings and related documentation.
Financial Restructuring – Our dedicated bankruptcy lawyers in Saudi Arabia deal with the most difficult and complex issues and transactions in reorganization and restructuring,
Protective Settlement – We facilitate settlement negotiations between debtors and creditors with the aim of achieving the best possible outcome.
Liquidation – We manage judicial and administrative liquidation procedures, ensuring compliance with Saudi bankruptcy regulations. As liquidation legal advisors, we oversee the valuation, sale, and distribution of assets to creditors, aiming for a transparent and efficient resolution.
Strategic Bankruptcy and Insolvency Legal Services Built Around Your Needs
Trabulsi & Co. has the experience and expertise to guide your bankruptcy and insolvency requirements, from start to finish. From restructuring to settlement, we’re here to provide complete legal services. Share key details about your bankruptcy and insolvency needs and our team will respond with next steps. Need liquidation legal advisors immediately? Book a free consultation today and get direct guidance.
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FAQs
What documents are required to initiate bankruptcy proceedings in Saudi Arabia
The documents required to initiate bankruptcy proceedings in Saudi Arabia include the following:
- Proof of bankruptcy or financial distress, or likelihood of financial distress.
- Recent-period financial statement or summary of financial position, including assets, liabilities, income, etc.,
- Brief description of debtor’s business, copy of license (if any), copy of corporate articles or equivalent foundational documents.
- List of creditor claims or debts owed, including creditor’s information and debt’s value, due date, etc.,
- Employee data (if any)
- For regulated entities, an official deed or proof that they are subject to relevant regulation must be provided.
- An affirmation that the debtor has not recently used certain bankruptcy-procedures (e.g. protective settlement, insolvency, etc.,) within preceding 12 months.
Our bankruptcy lawyers in Saudi Arabia can provide full support, from initial filing to final resolution. We prepare documentation, facilitate submissions, and represent clients in court proceedings when necessary.
Who qualifies as an approved insolvency trustee in Saudi Arabia?
A Saudi national of good conduct with at least five years of field experience and proper training, with a professional license in recognized fields as the Bankruptcy Commission determines can qualify as an approved insolvency trustee in Saudi Arabia. An “officeholder” (sometimes called “trustee” in other jurisdictions) is a person who is appointed in insolvency/bankruptcy procedures to carry out various duties.
How does distressed company restructuring protect assets?
Financial restructuring can protect company assets through a suspension of claims, creditor- and court-approved restructuring plan, and the appointment of an officeholder who will supervise certain aspects of the business. With financial restructuring from a legal counsel, debtors follow a legal framework to preserve assets, prevent destruction of value via unregulated creditor enforcement, and allow a viable reorganization or corporate restructuring whenever possible.
What is the difference between a protective settlement and liquidation?
The difference between a protective settlement and liquidation is in the purpose and financial condition. A protective settlement allows a financially distressed company or individual to reorganize debts and continue operating under a negotiated plan with creditors. The debtor usually stays in control of the business, with some oversight from the court or an appointed supervisor. In contrast, liquidation is used when the business cannot be saved — its assets are sold, and the proceeds are distributed among creditors according to legal priorities. Once liquidation is complete, the business typically closes and may be formally dissolved.
Are bankruptcy proceedings in Saudi Arabia public or confidential?
Bankruptcy proceedings in Saudi Arabia are partially public, with various degrees of transparency, subject to confidentiality where necessary. Some information is confidential: for example, information about business operations, financial information, or asset details may be withheld or kept confidential if disclosure would harm the value of bankruptcy assets or impede effective restructuring/liquidation. The officeholder or court can designate confidentiality. The bankruptcy register, however, is open to public inspection.