Article 83 of the Saudi Bankruptcy Law
المادة 83 من نظام الإفلاس · الفصل الرابع: إجراء إعادة التنظيم المالي: نشر وتسجيل التصديق على المقترح
Within 10 days of the proposal's confirmation, the trustee must announce the confirmation, with specified details, by the means the Implementing Regulations set, and file the confirmation judgment in the bankruptcy register.
Official text (Arabic)
This article has not been amended since the law was issued.
يلتزم الأمين خلال (عشرة) أيام من تاريخ التصديق على المقترح بما يأتي:
أ- إعلان التصديق في الوسيلة التي تحددها اللائحة متضمناً اسم المدين وعنوان مقره الرئيس ورقم سجله التجاري وتاريخ إصدار التصديق ونبذة عن بنود الخطة وفقاً لما تحدده اللائحة.
ب- إيداع نسخة من حكم المحكمة بالتصديق في سجل الإفلاس.
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 83 explained in plain English
After the court confirms the financial restructuring proposal, this article requires the trustee to take two steps within 10 days of the date of confirmation:
- Announce the confirmation by the means the Implementing Regulations specify, including:
- the debtor's name.
- the address of its head office.
- its commercial registration number.
- the date the confirmation was issued.
- a summary of the terms of the plan, as the Implementing Regulations specify.
- File a copy of the court's judgment of confirmation in the bankruptcy register.
With these two steps the confirmation is made public, together with a summary of the terms of the plan, and the confirmation judgment is kept in the bankruptcy register. The article does not specify the means of announcement or the details of the required summary of the plan's terms, but refers to the Implementing Regulations for both.
After confirmation the trustee supervises implementation of the plan under Article 84, which also requires the debtor to submit a report to the trustee at the end of every 3 months on the progress of implementation, which the trustee reviews and submits to the court and the creditors within 30 days of receiving it. Article 82 governs the trustee's sale of secured assets under the plan and with court approval.
Anyone dealing with an enterprise whose financial restructuring plan has been confirmed, and who wants to know how that affects the dealings, can consult 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 83 of the Saudi Bankruptcy Law
What is the deadline for announcing the confirmation of the financial restructuring proposal?
The trustee must announce it within 10 days of the date the proposal is confirmed.
What details does the confirmation announcement contain?
The debtor's name, the address of its head office, its commercial registration number, the date the confirmation was issued, and a summary of the terms of the plan as the Implementing Regulations specify.
Where is the confirmation judgment filed?
The trustee files a copy of the court's judgment of confirmation in the bankruptcy register within the same period.
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.