Article 43 of the Saudi Bankruptcy Law
المادة 43 من نظام الإفلاس · الفصل الرابع: إجراء إعادة التنظيم المالي: طلب افتتاح الإجراء
A request to open the financial reorganization procedure is filed with the court after submission, accompanied by the relevant information and documents as the Implementing Regulations specify.
Official text (Arabic)
This article has not been amended since the law was issued.
يقيد طلب افتتاح إجراء إعادة التنظيم المالي لدى المحكمة بعد تقديمه مرافقاً له المعلومات والوثائق ذات العلاقة، وفقاً لما تحدده اللائحة.
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 43 explained in plain English
This article governs a procedural step at the start of financial reorganization, which is filing the request with the court.
What does the article require?
- The request to open the procedure must be submitted to the court.
- It must be accompanied by the relevant information and documents.
- This must be as the Implementing Regulations specify; the article does not list this information and these documents but refers to the Implementing Regulations to specify them.
The request is then filed with the court.
What does the article not specify? The article does not state a particular period for filing the request, nor the form of its submission, nor the effect of missing information or documents attached to it. These matters cannot be inferred from its text alone and are found in the Implementing Regulations and the other provisions of the Bankruptcy Law. In practice, what matters is that the applicant takes care to complete the information and documents the Implementing Regulations require when submitting it.
Article 42 sets out who may submit the request (the debtor, a creditor or the competent authority) and the cases in which it may be made. If someone other than the debtor submits the request, Article 44 requires the court to notify the debtor within 5 days of its submission.
To know the documents required in your case, it is advisable to consult the Implementing Regulations and a lawyer specializing 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 43 of the Saudi Bankruptcy Law
What documents are required for a financial reorganization request?
The article provides for attaching the relevant information and documents as the Implementing Regulations specify, and does not list them itself.
When is a financial reorganization request filed?
After it is submitted to the court, accompanied by the relevant information and documents.
More articles on Financial Reorganization
- Article 41
After a protective settlement ends, the court, on its own initiative or at an interested party's request, opens the appropriate bankruptcy procedure if three conditions are met together.
تقضي المحكمة -من تلقاء نفسها أو بناء على طلب ذي مصلحة- بافتتاح إجراء الإفلاس المناسب إذا تحققت الشروط الآتية: أ- أن يكون المدين متعثراً أو مفلساً. ب- استيفاء شر
- Article 42
The article states who may request the opening of financial reorganization and its three cases, and bars the request if the debtor underwent this procedure in the previous 12 months.
1- دون الإخلال بأحكام الأنظمة ذات العلاقة، للمدين أو الدائن أو الجهة المختصة التقدم إلى المحكمة بطلب افتتاح إجراء إعادة التنظيم المالي للمدين في أي من الحالات ا
- Article 44
If someone other than the debtor submits a financial reorganization request, the court notifies the debtor within 5 days, and the debtor may object at the hearing in three cases.
إذا تقدم غير المدين بطلب افتتاح إجراء إعادة التنظيم المالي، فعلى المحكمة تبليغ المدين به خلال مدة لا تزيد على (خمسة) أيام من تاريخ تقديمه، وللمدين الاعتراض على
- Article 45
The debtor, owner, manager, officer, board member and auditor are exempted from the Companies Law provisions on a company's losses reaching a specified percentage, as the Implementing Regulations specify.
يعفى المدين أو المالك أو المدير أو المسؤول أو عضو مجلس الإدارة أو مراجع الحسابات من تطبيق أحكام نظام الشركات فيما يخص بلوغ خسائر الشركة نسبة محددة في ذلك النظام
- Article 46Amended by M/89
Filing a financial reorganization request or opening the procedure stays claims for 180 days, extendable by up to 180 days, with cases for an early end.
1- يترتب على قيد طلب افتتاح إجراء إعادة التنظيم المالي أو افتتاحه، تعليق المطالبات لمدة (مائة وثمانين) يوماً، وللمحكمة من تلقاء نفسها، أو بناءً على طلب الأمين أ
- Article 47
The article governs opening financial reorganization: a hearing within 40 days of filing, a ruling to open, reject or adjourn for up to 21 days, and notice to an absent debtor.
1- يفتتح إجراء إعادة التنظيم المالي بناء على حكم المحكمة بموجب المادة (الحادية والأربعين) من النظام، أو بموجب الفقرة (2) من هذه المادة. 2- تحدد المحكمة موعداً ل
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.