Alqanoni

Bankruptcy Law

Art. 154
Status unknownSaudi ArabiaRegulation

Issued by Ministry of Investment (misa.gov.sa)

1. The holding of creditors’ meeting and voting shall comply with the procedures set forth in the proposal, and the trustee shall verify compliance therewith. 2. The proposal shall be deemed approved if accepted by: a) the unanimous vote of secured creditors; and b) unsecured creditors whose claims represent at least two-thirds of the value of debts owed to voters, and such voters include creditors whose claims represent more than half of the debts of non-related parties, if any. 3. The Regulations shall specify the manner for plan modification.

The Arabic text is the legally binding version. The English translation is provided for guidance only.

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