Article 66 of the Saudi Implementing Regulations of the Bankruptcy Law
المادة 66 من اللائحة التنفيذية لنظام الإفلاس · الفصل السابع: إجراء إعادة التنظيم المالي لصغار المدينين: افتتاح الإجراء
The trustee must file with the bankruptcy register evidence that the result of the vote was filed with the court within 5 days of the end of the vote, and announce the plan's coming into effect within 5 days.
Official text (Arabic)
This article has not been amended since the law was issued.
على الأمين خلال (خمسة) أيام من انتهاء تصويت الدائنين على المقترح، أن يودع لدى سجل الإفلاس ما يثبت إيداع نتيجة التصويت لدى المحكمة، وعليه كذلك أن يعلن عن نفاذ الخطة خلال (خمسة) أيام من تاريخ نفاذها.
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 66 explained in plain English
This article of the Regulations deals with what the trustee must do after the creditors have voted on the proposal in the financial restructuring procedure for small debtors, and contains two obligations:
- Filing with the bankruptcy register: within 5 days of the end of the creditors' vote, the trustee files with the bankruptcy register evidence that the result of the vote was filed with the court.
- Announcing the plan's coming into effect: within 5 days of the date the plan takes effect, the trustee announces that it has taken effect.
Note that the text places these two obligations in the financial restructuring of small debtors on the trustee specifically, who is responsible for the filing and the announcement within the two time limits stated, and each time limit starts from a different event: the first from the end of the vote, and the second from the date the plan takes effect.
It is preceded by Article 65, which obliges the trustee to attach its report when the proposal is filed with the court, so that the trustee is present at the stages of the procedure from the proposal to the vote and then the announcement.
The article does not specify the method of announcement or when the plan takes effect, so reference is made to the Bankruptcy Law and the rules issued under it. A person with an interest in a pending procedure may consult a lawyer specialized in bankruptcy and commercial cases.
Practical example
The creditors of a small design office in Khobar have finished voting on the financial restructuring proposal. Within 5 days the trustee must file with the bankruptcy register evidence that the result of the vote was filed with the court, then announce the plan's coming into effect within 5 days of the date it takes effect.
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 66 of the Saudi Implementing Regulations of the Bankruptcy Law
Who announces the coming into effect of a small debtors' financial restructuring plan?
The trustee, within 5 days of the date the plan takes effect.
When does the trustee file evidence of the vote result with the bankruptcy register?
Within 5 days of the end of the creditors' vote on the proposal.
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 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 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
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.