Bankruptcy Law
Art. 122Status unknownSaudi ArabiaRegulation
Issued by Ministry of Investment (misa.gov.sa)
1. The court shall terminate the liquidation procedure if:
a) the trustee files a petition for the termination of the procedure due to the insufficiency of sale proceeds of bankruptcy assets to satisfy expenses
of the liquidation procedure; or
b) the trustee files a petition for the termination of the procedure due to the completion of the liquidation procedure. The court may terminate the
procedure without a hearing.
2. If the debtor is a legal person, the court shall terminate the procedure by the dissolution of the debtor.
The Arabic text is the legally binding version. The English translation is provided for guidance only.
Freshness not yet recorded