SACC 14782/1443

The court accepted the bankruptcy committee's decision to end the administrative liquidation of a debtor after the sale of their assets and the completion of related cases, as the decision fulfilled the legal requirements.

Background

The representative of the bankruptcy committee had submitted a request to the court to deposit the decision of the bankruptcy committee and its attachments with the court because the committee had made a decision to end the administrative liquidation of the debtor following the completion of the sale of their assets.

The court stated that Article 179 of Saudi Arabia Cabinet Decision No. 264/1439 provided that the bankruptcy committee could issue a decision to end the administrative liquidation process once the sale of the assets, which were the subject matter of the bankruptcy proceedings, were sold, if any, and once the cases to which the debtor was a party ended within 12 months from the date of starting the proceedings.

Furthermore, Article 72 of Saudi Arabia Cabinet Decision No. 622/1439 stipulated that the bankruptcy committee deposits its decision to end the administrative liquidation process and enclosed with it the information and documents required according to the law.