Article 65 of the Saudi Bankruptcy Law
المادة 65 من نظام الإفلاس · الفصل الرابع: إجراء إعادة التنظيم المالي: جرد أصول التفليسة للمدين
The trustee must prepare an inventory list of the bankruptcy estate assets showing their details, security, what the debtor holds and what is the subject of a third-party claim, and give the court a copy.
Official text (Arabic)
This article has not been amended since the law was issued.
يعد الأمين قائمة جرد لأصول التفليسة تشتمل على تفاصيل أصول التفليسة وأي ضمانة مقررة عليها، وبيان ما يحوزه المدين من هذه الأصول وما يكون منها محلاً لدعوى من الغير، وغير ذلك من المعلومات ذات الصلة، وعلى الأمين تزويد المحكمة بنسخة منها.
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 65 explained in plain English
In the financial reorganization procedure the court needs a clear picture of the debtor's assets. This article therefore requires the trustee to prepare an inventory list of the bankruptcy estate assets.
The list must include:
- The details of the estate assets.
- Any security established over those assets.
- A statement of what the debtor actually holds of those assets.
- Those that are the subject of a claim by a third party.
- Other relevant information.
The trustee must give the court a copy of the list. The article does not set a period for preparing the list or its detailed form.
This information helps distinguish between the assets in the debtor's hands and the security or disputes attached to them, such as an asset mortgaged to a creditor or an asset in which someone other than the debtor claims a right. It is linked to Article 66, which allows a debtor who is a natural person to keep from the estate assets enough for a decent living for itself and its dependents, in an amount the court determines on the trustee's proposal, with those assets not included in the proposal.
A person with an interest in a particular asset of the debtor, whether a creditor or otherwise, can consult a lawyer specializing in bankruptcy and commercial cases to learn their position.
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 65 of the Saudi Bankruptcy Law
What does the inventory list of the debtor's assets include in financial reorganization?
The details of the estate assets and any security over them, what the debtor holds of them, what is the subject of a third-party claim, and other relevant information.
Who prepares the asset inventory list?
The trustee prepares it, and must give the court a copy.
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.