Bankruptcy Law

In this Law, the following terms and phrases shall have the meanings assigned thereto, unless the context requires otherwise: Law: Bankruptcy Law. Regulations: Implementing Regulations of this Law. Court: Commercial Court. Ministry: Ministry of Commerce and Investment. Minister: Minister of Commerce and Investment. Person: A natural or legal person. Debtor: A person who is proven to owe a debt to another person. Creditor: A person to whom a debt is proven to be owed by a debtor. Debt: A financial obligation proven to be owed by a debtor. Small Debtor: A debtor who meets the criteria set by the Bankruptcy Committee in coordination with the Small and Medium Enterprises General Authority. Owner: A person who holds a stake or a share in the debtor’s capital. Related Party: 1. The debtor’s manager, member of his board of directors, or the like; partner; owner; and the relatives to the third degree of the foregoing persons and the debtor. 2. A person who has a business relationship with the debtor. 3. A person who is controlled, directly or indirectly, along with the debtor by another person(s) holding over 50% of the capital of each of them. 4. A person who, directly or indirectly, controls the debtor by holding over 50% of his capital. 5. A person who is, directly or indirectly, controlled by the debtor by holding over 50% of his capital. Distressed Debtor: A debtor who stopped paying a due debt on its maturity date. Bankrupt: A debtor whose debts have consumed all of his assets. Regulated Entity: A person who is licensed to engage in a financial activity, or who manages a public facility in accordance with the provisions of