Article 60 of the Saudi Implementing Regulations of the Bankruptcy Law
المادة 60 من اللائحة التنفيذية لنظام الإفلاس · الفصل السادس: إجراء التسوية الوقائية لصغار المدينين: إنهاء العقود
This article requires the small debtor to file the 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.
Official text (Arabic)
This article has not been amended since the law was issued.
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 بالموافقة على طلب تعليق المطالبات أو تمديده خلال (خمسة) أيام من تاريخ صدوره.
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 60 explained in plain English
If the court approves the small debtor's request for a stay of claims, or approves extending the stay, this article of the Implementing Regulations of the Bankruptcy Law imposes two duties on it:
- Filing: To file the decision with the Bankruptcy Register as soon as it is issued, without delay.
- Announcing: To announce the court's decision within 5 days of the date it is issued.
The ruling covers two types of decision: the decision approving the request for a stay of claims, and the decision approving its extension. The article does not specify the means of announcement, and does not state the effects of a stay of claims or its length, so its ruling is limited to the duties of filing and announcing and their dates.
The aim of filing and announcing is that creditors and those dealing with the small debtor know of the stay decision, so that the decision is visible and recorded in the Bankruptcy Register.
This article follows Article 59, which requires the small debtor to attach the specified information and documents to the stay request. It is followed by Article 61, which requires it, within 5 days of the end of the creditors' vote on the proposal, to file with the Bankruptcy Register 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 of the date it takes effect.
To make sure these dates are met in your case, you can consult a lawyer who specializes in bankruptcy and commercial cases.
Practical example
The owner of a small restaurant in Abha is in the preventive settlement procedure for small debtors, and the court approved his request for a stay of claims. He filed the decision with the Bankruptcy Register on the day it was issued, then announced it within 5 days of the date it was issued.
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 60 of the Saudi Implementing Regulations of the Bankruptcy Law
When does the small debtor file the decision to stay claims in the Bankruptcy Register?
As soon as the court's decision approving the stay or extending it is issued.
What is the period to announce the decision to stay claims?
Within 5 days of the date the decision is issued.
Does the ruling cover the decision to extend the stay?
Yes. The article covers the decision approving the request for a stay of claims and the decision extending it.
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 regulates a small debtor's request to terminate its contracts in preventive settlement for small debtors: its timing, the trustee's report and notice to the contracting party.
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 59
This article requires the small debtor to attach the information and documents specified for that purpose to the request for a stay of claims.
على المدين الصغير أن يرفق بطلب تعليق المطالبات المعلومات والوثائق المحددة لذلك.
- 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.