Saudi Arabia to implement bankruptcy law in early 2018 - Al Arabiya

Saudi Arabia to implement bankruptcy law in early 2018 - Al Arabiya:

"Saudi Arabia will begin implementing a new bankruptcy law early next year as part of efforts to attract foreign investment and encourage private sector activity, Saudi-owned broadcaster Al Arabiya reported citing the kingdom’s commerce minister.

Under current legislation there is no easy way to wind up the activities of indebted companies in Saudi Arabia and the new law could help with government plans to restructure the economy and make it more attractive to outside investors.

“(The) bankruptcy law has been passed to the Shura Council and we expect it to be implemented by the end of the first quarter of 2018,” Commerce and Investment Minister Majid al-Qusaibi said in an interview according to Al Arabiya’s website."



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