Article 59 of the Saudi Implementing Regulations of the Bankruptcy Law
المادة 59 من اللائحة التنفيذية لنظام الإفلاس · الفصل السادس: إجراء التسوية الوقائية لصغار المدينين: إنهاء العقود
This article requires the small debtor to attach the information and documents specified for that purpose to the request for a stay of claims.
Official text (Arabic)
This article has not been amended since the law was issued.
على المدين الصغير أن يرفق بطلب تعليق المطالبات 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 59 explained in plain English
This article of the Implementing Regulations of the Bankruptcy Law deals with the request for a stay of claims that the small debtor submits within the provisions of the preventive settlement procedure for small debtors, and places one condition on it:
- The small debtor attaches to its request the information and documents specified for that purpose.
The information and documents are, under Article 1 of the Regulations, those specified by the Bankruptcy Committee in coordination with the Ministry of Justice. The article does not list the documents, and does not state the conditions for accepting the stay request, its length or its effects, but refers to what the Committee specifies as regards attachments.
The importance of this ruling is practical: an incomplete request may not meet what is required, so it is advisable for the small debtor to check in advance the requirements the Bankruptcy Committee has specified before submitting its request.
This article follows Article 58 on notifying creditors of the date of the vote on the proposal, and precedes Article 60, which requires the small debtor to file the court's decision approving a stay of claims or extending it with the Bankruptcy Register as soon as it is issued, and to announce it within 5 days.
To prepare the request and its attachments, you can use the help of a lawyer who specializes in bankruptcy and commercial cases.
Translated from our Arabic explanation with machine assistance. For guidance only; it does not replace advice from a lawyer on your situation.
How we write and review contentCommercial & Corporate Law lawyers: ask a specialist about your case
Describe your situation briefly and we'll suggest a lawyer who specialises in this law
Commercial & Corporate Law lawyers
Lawyers who handle this kind of case
Ibrahim Al Salem Law Firm
Active contributor
Dr. Ali Al-Rubaie Law Office and Ittihad Al-Asr Legal Company
Active contributorFrequently asked questions about Article 59 of the Saudi Implementing Regulations of the Bankruptcy Law
What does the small debtor attach to a request for a stay of claims?
The information and documents specified for that purpose, which are those the Bankruptcy Committee specifies in coordination with the Ministry of Justice.
What does the small debtor do after the decision to stay claims is issued?
Article 60 of the Regulations requires it to file the decision with the Bankruptcy Register as soon as it is issued and to announce it within 5 days.
More articles on Small Debtor Bankruptcy Procedures
- Article 11
The trustee sells the bankruptcy estate's assets after the judgment or decision opening the liquidation procedure, or the liquidation procedure for small debtors, becomes final.
يتولى الأمين بيع أصول التفليسة بعد اكتساب حكم أو قرار افتتاح إجراء التصفية أو إجراء التصفية لصغار المدينين الصفة النهائية.
- Article 57
This article of the Regulations regulates the small debtor's request to terminate its contracts in the protective settlement for small debtors, its timing, the trustee's report and notice to the counterparty.
1 - على المدين الصغير الذي يرغب في إنهاء أي من العقود التي يكون طرفاً فيها تقديم طلب الإنهاء إلى المحكمة بعد إيداع قرار افتتاح إجراء التسوية الوقائية لصغار المد
- Article 58
This article requires the small debtor to notify the creditors identified in the proposal of the voting date, with a copy of the proposal or evidence that it is available electronically.
يبلغ المدين الصغير الدائنين المحددين في المقترح بموعد التصويت عليه، ويرفق بالتبليغ نسخة من المقترح أو ما يفيد بإتاحة الاطلاع عليه بأي من الوسائل الإلكترونية الت
- Article 60
This article of the Regulations requires the small debtor to file the decision approving a stay of claims, or its extension, with the bankruptcy register as soon as it is issued, and to announce it within 5 days.
1 - على المدين الصغير فور إصدار المحكمة قراراً بالموافقة على طلب تعليق المطالبات أو تمديده, إيداع القرار لدى سجل الإفلاس. 2 - يعلن المدين الصغير قرار المحكمة با
- Article 61
This article requires the small debtor to file with the Bankruptcy Register, within 5 days, what proves that the result of the vote was filed with the court, and to announce that the plan has taken effect within 5 days.
على المدين الصغير خلال (خمسة) أيام من انتهاء تصويت الدائنين على المقترح أن يودع لدى سجل الإفلاس ما يثبت إيداع نتيجة التصويت لدى المحكمة، وعليه أن يعلن عن نفاذ ا
- Article 62
This article explains how financial reorganization for small debtors opens: the decision in the specified form, the trustee's check of the conditions, and the court's time limits on filing or a creditor's request.
1 - يصدر المدين الصغير أو الجهة المختصة قرار افتتاح إجراء إعادة التنظيم المالي لصغار المدينين وفقاً للنموذج المحدد لذلك. 2 - على الأمين التحقق -بناء على المعلوم
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.