The Bankruptcy Law of Saudi Arabia: Policy, Operation and Comparison

Abstract

The paper analyzes the new Bankruptcy Law in Saudi Arabia (KSA Bankruptcy Law) under both a comparative lens and a policy oriented one, while highlighting some of the most essential operational steps and procedures in a bankruptcy proceeding under the law. The specific mechanics and procedures of a bankruptcy law are analyzed under the general policies and goals of bankruptcy. Analyzing a new law under this approach allows one to assess which policies are advanced or impeded by each specific provision or requirement of the law. Additionally, where appropriate, a brief comparison to the US Bankruptcy code and its provisions is presented to provide an alternative approach on how similar issues are handled under a reputable and proven bankruptcy system.