Article 68 of the Saudi Implementing Regulations of the Bankruptcy Law
المادة 68 من اللائحة التنفيذية لنظام الإفلاس · الفصل التاسع: إجراء التصفية الإدارية
This article allows the Bankruptcy Committee to use whomever it sees fit to carry out the work of the administrative liquidation procedure.
Official text (Arabic)
This article has not been amended since the law was issued.
للجنة الإفلاس الاستعانة بمن تراه في أداء أعمال إجراء التصفية الإدارية.
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 68 explained in plain English
This article opens the provisions on the administrative liquidation procedure in the Regulations, and gives the Bankruptcy Committee the power to use whomever it sees fit to carry out the work of this procedure.
In practice this means:
- The Bankruptcy Committee is the body concerned with the work of administrative liquidation in this chapter of the Regulations.
- It may assign others to carry out these works or some of them, and the text did not limit whom it uses to a particular category but left it to its discretion (whomever it sees fit).
- Using others is optional; the Committee is not bound to do so.
It is followed by Article 69, which requires the Bankruptcy Committee to prepare an inventory list of the bankruptcy estate's assets that includes their estimated value, so the use of others provided for here is a means that can help the Committee complete such works. Article 67 before it deals with opening the liquidation procedure for small debtors, which is a different procedure.
The article does not state when the administrative liquidation procedure opens or its conditions, or the conditions for those who are used or how they are chosen; these are matters referred to the Bankruptcy Law and related rules. Anyone with an interest in an existing administrative liquidation can consult 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.
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Frequently asked questions about Article 68 of the Saudi Implementing Regulations of the Bankruptcy Law
Who carries out the work of administrative liquidation?
The Bankruptcy Committee, which may use whomever it sees fit to carry out these works.
Does the text require a particular capacity in those the Bankruptcy Committee uses?
No. The text left the choice to the Committee's discretion with the phrase "whomever it sees fit".
More articles on Administrative Liquidation
- Article 69
This article requires the Bankruptcy Committee, in administrative liquidation, to prepare an inventory list of the bankruptcy estate's assets that includes their estimated value.
تعد لجنة الإفلاس قائمة جرد بأصول التفليسة، على أن تتضمن القيمة التقديرية لتلك الأصول.
- Article 70
This article identifies two cases in which the proceeds of selling bankruptcy estate assets are not worthwhile: the estimated cost of sale equals or exceeds the asset's value, or the sale cannot be made within a reasonable time.
تكون حصيلة بيع أصول التفليسة غير مجدية في الحالات الآتية: أ - إذا كانت التكلفة المقدرة لبيع الأصل تساوي أو تزيد على القيمة المقدرة لبيعه. ب - إذا تعذر بيع الأصل
- Article 71
If selling the bankruptcy estate's assets yields proceeds sufficient for the expenses of liquidation or small debtors' liquidation, they are distributed starting with the Bankruptcy Committee's fees and expenses, then to the creditors.
إذا نتجت عن بيع أصول التفليسة حصيلة تكفي للوفاء بمصروفات إجراء التصفية أو التصفية لصغار المدينين، فيكون توزيعها وفقاً للترتيب الآتي: أ - أتعاب ومصروفات لجنة الإ
- Article 72
This article requires the Bankruptcy Committee to file the decision ending administrative liquidation with the court and to file proof of the ending in the Bankruptcy Register and the Commercial Register within 5 days, and limits removing the debtor's name to a natural person.
1- تودع لجنة الإفلاس لدى المحكمة قرار إنهاء إجراء التصفية الإدارية مرافقاً له المعلومات والوثائق المحددة لذلك، وتودع لدى سجل الإفلاس والسجل التجاري ما يفيد بإنه
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.