Corporate Insolvency
We will always try to avoid a formal insolvency wherever possible, however when a business can not be rescued or an insolvency process is necessary to recover a viable part of a business; Saudi Arabia new Bankruptcy Law is the latest development of a string of reforms under Vision 2030 to further encourage the participation of foreign and domestic investors by structuring the business legal framework., The draft Bankruptcy Law was recently approved by King Salman bin Abdulaziz Al Saud pursuant to the Royal Decree No. M/05 dated 28/05/1439H (corresponding to 13/02/2018G) (the "Bankruptcy Law"), which was thereafter published in the official gazette (Um Al-Quraa) on 06/06/1439H (corresponding to 21/02/2018G), edition No. 4712. The Bankruptcy Law will officially enter into force from the date of issuing its related Implementing Regulations (the "Implementing Regulations") that will not exceed 180 days starting from the publication date of the Bankruptcy Law in Um Al-Quraa.
BDO Saudi understand the need of today’s changing businesses and its professional team is ready to offer expert advices and services including but not limited to:
- Administration
- Company voluntary arrangement (CVA)
- Creditors voluntary liquidation (CVL)
- Compulsory liquidation (CPL)
- Administrative receivership
- Fixed Charge receivership
- Special administrations
- Pre-pack sales
- Directors duties
- Contingency planning