Article 55 of the Saudi Bankruptcy Law
المادة 55 من نظام الإفلاس · الفصل الرابع: إجراء إعادة التنظيم المالي: الأثر المترتب على افتتاح الإجراء: (تعيين الأمين والخبير وقاضي الإشراف وصلاحياتهم
The article refers to the Implementing Regulations to set the mechanism for fixing the fees of the trustee and expert and related expenses in the financial reorganization procedure.
Official text (Arabic)
This article has not been amended since the law was issued.
تحدد اللائحة آلية تقدير أتعاب الأمين والخبير والمصروفات ذات العلاقة.
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 55 explained in plain English
This article is short, but it addresses an important practical matter: the fees of the trustee and expert and the expenses connected with their work in the financial reorganization procedure.
What does the article provide?
- That the mechanism for setting the trustee's fees is determined by the Implementing Regulations.
- That the mechanism for setting the expert's fees is likewise determined by the Implementing Regulations.
- That related expenses are also subject to what the Implementing Regulations specify.
What does it not provide? The article does not state an amount or percentage for the fees, nor who bears them or when they are paid. These details are left to the Implementing Regulations and cannot be inferred from the article's text alone.
This article is linked to Article 54, which allows the court to remove the trustee or expert for a legitimate reason and prevents them from stepping down without a legitimate reason the court accepts, and which provides in both cases that this is without prejudice to their rights and obligations. It is also linked to Article 56, which sets out the first thing the trustee does after being appointed, which is announcing the opening ruling within 7 days by the means the Implementing Regulations specify and inviting creditors to submit their claims within a period of no more than 90 days.
To learn the fees and expenses expected in a particular procedure, 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 55 of the Saudi Bankruptcy Law
How much are a bankruptcy trustee's fees?
The article does not state an amount or percentage; it refers to the Implementing Regulations to set the mechanism for fixing the fees of the trustee and expert and related expenses.
Who sets the expert's fees in financial reorganization?
The Implementing Regulations set the mechanism for fixing the expert's fees, as they do for the trustee's fees and related expenses.
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 43
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.
يقيد طلب افتتاح إجراء إعادة التنظيم المالي لدى المحكمة بعد تقديمه مرافقاً له المعلومات والوثائق ذات العلاقة، وفقاً لما تحدده اللائحة.
- 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
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.