Yes, the proceedings related to bankruptcy apply beyond the borders of the Kingdom of Saudi Arabia, pursuant to the rules dictated by Minister of Commerce Resolution No. (149), issued on December 8, 2022. They apply in many cases, including if a foreign representative or a foreign court requests judicial assistance from the Saudi court, where such assistance relates to bankruptcy proceedings, the application of a bankruptcy proceeding in accordance with the law, or if the debtor was simultaneously subject to bankruptcy proceedings pursuant to the provisions of the law and foreign bankruptcy proceedings. Bankruptcy proceedings also apply upon submitting a request in this respect or upon the intervention of any of the creditors or foreign stakeholders pursuant to the provisions of the law.
The foreign representative may apply for court relief to protect the debtor's assets or interests, once the court approves the request for recognizing the foreign bankruptcy proceeding. The court may also take another decision at its discretion.
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