Article 43 of the Saudi Implementing Regulations of the Bankruptcy Law
المادة 43 من اللائحة التنفيذية لنظام الإفلاس · الفصل الرابع: إجراء إعادة التنظيم المالي
This article allows someone who owns assets in the debtor's possession or held by it to ask the court to recover them, with the specified information and documents.
Official text (Arabic)
This article has not been amended since the law was issued.
يقدم من يملك أصولاً تقع في حيازة المدين أو محجوزة لديه، طلباً إلى المحكمة لاستردادها، مرافقة له المعلومات والوثائق المحددة لذلك.
This is the official Arabic wording, the only legally binding version. We do not translate the law itself; the explanation below is ours. Official source: Bureau of Experts at the Council of Ministers
Article 43 explained in plain English
The debtor may hold assets it does not own, for example assets deposited with it or in its possession for some reason. This article of the Implementing Regulations of the Bankruptcy Law regulates the owner's route to recover these assets within the provisions of the financial reorganization procedure.
Who submits the request: Someone who owns assets that:
- are in the possession of the debtor, or
- are held by it.
To whom: To the court, since recovery is by a request submitted to it, not by taking directly.
Attachments: The information and documents specified for that purpose, which are, under Article 1 of the Regulations, those specified by the Bankruptcy Committee in coordination with the Ministry of Justice.
The article does not state the conditions under which the court orders recovery or the time for considering the request; its ruling is limited to specifying the applicant, the body and the attachments.
This article follows Article 42 on exempting the debtor and its managers from the loss provisions of the Companies Law, and precedes Article 44, which requires the trustee to allow a creditor to inspect the list of claims. To prepare the recovery request, you can consult a lawyer who specializes in bankruptcy and commercial cases.
Practical example
An equipment rental company in Dammam leased cranes to a contracting company for which the financial reorganization procedure was opened, and the cranes are still in the debtor's possession. The rental company submits a request to the court to recover the cranes, attaching the information and documents specified by the Bankruptcy Committee.
Translated from our Arabic explanation with machine assistance. For guidance only; it does not replace advice from a lawyer on your situation.
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Frequently asked questions about Article 43 of the Saudi Implementing Regulations of the Bankruptcy Law
How do I recover an asset I own that is with a company in financial reorganization?
Submit a request to the court to recover it, accompanied by the information and documents specified for that purpose.
Does the ruling include assets held by the debtor?
Yes. The article covers assets in the debtor's possession or held by it.
More articles on Financial Reorganization
- Article 16
This article of the Regulations specifies the details the proposal must include, as the case may be, such as the debtor's financial position, assets and debts, the proposed settlement, classification of creditors and the plan's timetable.
يجب أن يتضمن المقترح -بحسب الأحوال- ما يأتي: أ - معلومات عن المدين ونشاطه. ب- بيان الوضع المالي للمدين وتأثيرات الوضع الاقتصادي عليه. ج - تحديد أصول المدين وتقد
- Article 17
The meeting management rules apply to managing the vote on the proposal, the debtor or trustee prepares minutes of the voting meeting with specified details, then deposits the voting result with the court.
1- تسري قواعد إدارة الاجتماعات على إدارة عملية التصويت على المقترح. 2- يعد المدين أو الأمين -بحسب الإجراء- محضراً لاجتماع الدائنين للتصويت على المقترح، يقيد فيه
- Article 31
This article sets out when the court approves putting a proposal to amend the plan to creditors and owners for a vote, including a material circumstance, a request within 14 days, and the possible stay of claims.
1 - توافق المحكمة -بناءً على طلب المدين أو الأمين بحسب الإجراء- على تقديم مقترح لتعديل الخطة للدائنين والملاك وتحدد موعداً للتصويت عليه، وذلك في أي من الحالات ا
- Article 42
This article exempts the debtor, its owners, managers and auditor from the Companies Law provisions on reaching the specified loss level if the financial reorganization request is registered in time.
يعفى المدين أو المالك أو المدير أو المسؤول أو عضو مجلس الإدارة أو مراجع الحسابات, من تطبيق أحكام نظام الشركات فيما يخص بلوغ خسائر المدين النسبة المحددة في نظام
- Article 44
This article requires the trustee to allow a creditor to inspect the list of claims approved by the court.
على الأمين تمكين الدائن من الاطلاع على قائمة المطالبات التي تعتمدها المحكمة.
- Article 45
This article requires the trustee to attach a report on the proposal when filing it, and the debtor to notify affected creditors and owners of the voting date once the trustee approves.
1 - على الأمين أن يرفق -عند إيداع المقترح لدى المحكمة- تقريره المتضمن رأيه في إمكان موافقة الدائنين على المقترح, وقابليته للتنفيذ. 2 - على المدين -بعد موافقة ال
The texts are reproduced from the official website of the Bureau of Experts at the Council of Ministers for reference; where they differ, the officially published Arabic text prevails. This content is not legal advice.