International Journal of Accounting and Management Sciences (IJAMS)
DOI https://www.doi.org/10.56830/IJAMSSI01202517
Author
Abdulaziz Khalid Saad Algelban
Ashjan Khalis Alzuhairi
Abstract
This research aims to explain the bankruptcy procedures in the legal system in the Kingdom of Saudi Arabia. This study was divided into clarifying the bankruptcy procedures stipulated in the system, such as conducting a preventive settlement, financial reorganization, and administrative liquidation, and explaining each procedure for small civilians. The researcher followed the inductive approach. Analytical by reviewing many previous studies and working on writing them in a new way and then the analytical approach to fully analyze the procedures stipulated in the bankruptcy system. The study concluded with several results and recommendations. Among the most important results: (1) Bankruptcy is a system specific to merchants and is regulated by commercial law and only applies to merchants who stop paying their commercial debts on their due dates. (2) The Saudi Council of Ministers wanted to improve the economic environment in the Kingdom, so it established a bankruptcy committee consisting of five or more experienced members.
keywords: Bankruptcy, protective settlement, financial reorganization, small civilians, administrative liquidation
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