Bankruptcy Law
Art. 197Status unknownSaudi ArabiaRegulation
Issued by Ministry of Investment (misa.gov.sa)
If the sale proceeds of a bankruptcy asset, used as a security for a debt, exceed the debt secured by such asset, the bankruptcy trustee shall
deposit any surplus in the bank account designated for the bankruptcy assets. However, if the sale proceeds of such asset are insufficient to satisfy
the whole debt, the outstanding debt shall be deemed unsecured debt.
The Arabic text is the legally binding version. The English translation is provided for guidance only.
Freshness not yet recorded