Article 63 of the Saudi Implementing Regulations of the Bankruptcy Law
المادة 63 من اللائحة التنفيذية لنظام الإفلاس · الفصل السابع: إجراء إعادة التنظيم المالي لصغار المدينين: افتتاح الإجراء
This article requires the trustee to file the judgment opening financial reorganization for small debtors, or the decision accepting the judicial filing, with the Bankruptcy Register within 5 days of the opening.
Official text (Arabic)
This article has not been amended since the law was issued.
يودع الأمين لدى سجل الإفلاس حكم المحكمة بافتتاح إجراء إعادة التنظيم المالي لصغار المدينين أو قرارها بقبول الإيداع القضائي، وذلك خلال (خمسة) أيام من تاريخ افتتاح الإجراء.
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 63 explained in plain English
This article of the Regulations places an obligation on the trustee in the financial reorganization procedure for small debtors, which is to file the document opening the procedure in the Bankruptcy Register.
The document that must be filed is one of two, depending on how the procedure was opened:
- The court's judgment opening the procedure.
- The court's decision accepting the judicial filing.
Article 62 set out the two routes to this: either the small debtor or the competent authority issues the opening decision, then the request for judicial filing is registered and the court issues its decision on accepting it within 3 days, or a creditor submits the request to open and the court rules on it.
The period is 5 days from the date the procedure opens. With this filing, the opening of the procedure is recorded in the Register, so creditors and those dealing with the debtor can find this information.
After that, the Regulations move in Article 64 to preparing the proposal, which the small debtor prepares with the trustee's help within 30 days of the end of the period for submitting claims. This article does not state what follows if the trustee is late in filing. Anyone with an interest in an existing procedure can consult a lawyer who specializes in bankruptcy and commercial cases.
Practical example
The court issued its decision accepting the judicial filing for the financial reorganization procedure of a small workshop in Dammam. The appointed trustee must file this decision with the Bankruptcy Register within 5 days of the date the procedure opens, so that the workshop's suppliers can know that the procedure has opened.
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 63 of the Saudi Implementing Regulations of the Bankruptcy Law
Who files the opening judgment for financial reorganization for small debtors in the Bankruptcy Register?
The trustee is responsible for the filing under this article.
What is the period for filing?
Within 5 days of the date the procedure opens.
What document does the trustee file?
He files the court's judgment opening the procedure or its decision accepting the judicial filing.
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 60
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.
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
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.