Alqanoni

Bankruptcy Law

Art. 62
Status unknownSaudi ArabiaRegulation

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

The court shall consider the objection filed by the counterparty, in accordance with Article 61(4) of this Law, and shall accept the objection if it is established that: a) the termination of the contract, pursuant to Article 61(1) of this Law, is not necessary for the implementation of the plan or the protection of the interests of the majority of creditors, and it causes substantial damage to the counterparty; b) the termination of the contract, pursuant to Article 61(2) of this Law, is not necessary for the implementation of the plan or the protection of the interests of the majority of creditors.

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

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