What Are the Mandates of the Bankruptcy Commission in Saudi Arabia?

The Bankruptcy Commission in the Kingdom of Saudi Arabia is an independent government commission established in 2021. It has several mandates, including managing administrative liquidation procedures, licensing bankruptcy trustees and experts after they acquire the necessary skills and knowledge through specialized qualification programs provided by the commission, and preparing and publishing a list of qualified professionals on its official website. The commission also works to enhance the efficiency of bankruptcy procedures through inspections and verifications to ensure that all parties comply with legal provisions. Additionally, it aims to build confidence, increase transparency, and clarify bankruptcy procedures by creating, maintaining, and managing a bankruptcy registry and implementing relevant activities and initiatives.

The commission is also responsible for facilitating the implementation of the Bankruptcy Law by issuing specialized guidelines, providing suitable electronic services, and improving the effectiveness of legal enforcement. This is achieved through partnerships with government entities and the private sector, conducting regular reviews of the law, regulations, rules, and related instructions, coordinating with relevant entities, and proposing necessary amendments in accordance with the established legal procedures.