Alqanoni

Bankruptcy Law

Art. 79
Status unknownSaudi ArabiaRegulation

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

1. Creditors shall vote on the proposal in accordance with the procedures set forth therein. 2. The proposal shall be deemed accepted by any class of creditors if the claims of creditors who voted in favor of the proposal represent two- thirds of the value of debts of voters of the same class, 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 procedures for managing the voting process referred to in paragraph (1) of this Article. 4. The trustee shall, upon completion of the voting process, notify the debtor, creditors, and owners of the voting result, and deposit said result with the court. 5. If the creditors’ vote on the proposal does not take place at the set by the court, the court shall take an appropriate decision, including setting a new voting date or terminating the procedure. 6. The Regulations shall specify the manner for plan amendment.

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

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