Article 84 of the Saudi Bankruptcy Law

المادة 84 من نظام الإفلاس · الفصل الرابع: إجراء إعادة التنظيم المالي: الإشراف على تنفيذ الخطة

The trustee supervises implementation of the plan from confirmation until the procedure ends, and the debtor submits a report every 3 months, which the trustee reviews and submits to the court and creditors within 30 days.

Official text (Arabic)

This article has not been amended since the law was issued.

1- دون الإخلال بأحكام المادة (الثامنة والخمسين) والمادة (التاسعة والستين) من النظام، يشرف الأمين خلال الفترة من التصديق على المقترح إلى تنفيذ الخطة وإنهاء إجراء إعادة التنظيم المالي، وإذا واجه الأمين أي عائق يحول دون تنفيذها؛ فعليه أن يتقدم إلى المحكمة بطلب النظر في ذلك، وتقوم المحكمة باتخاذ ما تراه في هذا الشأن.

2- يجوز أن يتضمن المقترح -إضافة إلى ما يرد في النظام واللائحة- تحديد مهمات واختصاصات الأمين، وكذلك قيوداً على تصرفات المدين.

3- يلتزم المدين بتقديم تقرير في نهاية كل (ثلاثة) أشهر إلى الأمين عن سير تنفيذ الخطة، وفقاً لما تحدده اللائحة.

4- يراجع الأمين التقرير المقدم من المدين بموجب الفقرة (3) من هذه المادة للتحقق من صحة المعلومات الواردة فيه، ويقدمه إلى المحكمة والدائنين خلال (ثلاثين) يوماً من تسلمه من المدين.

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 84 explained in plain English

After the proposal is confirmed, the stage of implementing the plan begins, and this article explains how it is monitored:

The trustee's supervision: Without prejudice to Articles 58 and 69, the trustee supervises during the period from the confirmation of the proposal until the plan is implemented and the financial restructuring procedure ends. If the trustee faces an obstacle preventing implementation, the trustee must apply to the court to consider it, and the court takes whatever action it sees fit.
Additional duties and restrictions: In addition to what appears in the law and the Implementing Regulations, the proposal may specify the trustee's duties and powers, and restrictions on the debtor's acts.
The debtor's report: The debtor must submit a report to the trustee at the end of every 3 months on the progress of implementing the plan, as the Implementing Regulations specify.
The trustee's review: The trustee reviews the report to verify that the information in it is correct, and submits it to the court and the creditors within 30 days of receiving it.

In this way the creditors and the court are kept regularly informed of the progress of implementation. Article 85 also sets out the acts for which the debtor needs the trustee's written approval in the period from confirmation until the procedure ends, such as applying for financing, providing security and changing its registered office. Article 83 requires the trustee to announce the confirmation and file its judgment in the bankruptcy register within 10 days.

If a creditor believes the reports reveal difficulties in implementing the plan, it can consult a lawyer specializing in bankruptcy and commercial cases.

Practical example

The financial restructuring plan of a contracting company in Riyadh was confirmed at the beginning of the year. At the end of the third month it submitted to the trustee a report on the progress of implementing the plan. The trustee reviewed it, verified that the information was correct, and then submitted it to the court and the creditors within 30 days of receiving it.

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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