Saudi Cabinet approves bankruptcy law
The cabinet of Saudi Arabia approved bankruptcy law as the bankruptcy legislation does not exist in Saudi Arabia, inorder to boost the investment in Saudi Arabia and to attracting more investors to make the Kingdom more enticing to investors. “The time is excellent, lots of companies are facing financial difficulties. Before it was either liquidation or stakeholders had to inject money. The new law is an alternative solution – the international practice has proven that insolvency law offers a good solution for companies.” Dr. Bader Al Busaies responds to Reuters on Sunday 18 February.