What is the 1st Conference for Resolving Insolvencies?
What are the objectives of the 1st Conference for Resolving Insolvencies?
The 1st Conference for Resolving Insolvencies is a conference organized by the Bankruptcy Commission , Saudi Arabia, in order to provide an overview of the positive impact of bankruptcy laws in resolving insolvencies through setting an attractive investment environment that protects the investment entities and support the continuation of their investment practice. This overview is based on the latest international and domestic practices that is related to the procedures of the new Bankruptcy Law issued by Royal Decree No. (M/50) dated 28/05/1439 A.H.: Protective Settlement, Financial Restructuring, and Liquidation procedures.
What is the Resolving Insolvency Index?
This conference aims to build confidence in the Bankruptcy Law and its implementation by raising awareness in order to improve the management of bankruptcy cases and enhance its chances of succeeding locally, by discussing relevant local and international experiences. This main objective will be achieved through the following:
- Highlighting the positive economic impact of Bankruptcy Law
- Building the capabilities of specialists and raising awareness within the business community.
- Showcasing the recent international and domestic legal practices and precedents
What topics will the conference discuss?
The Resolving Insolvency Index is one of the 10 indicators of the World Bank's Ease of Doing Business report to measure ease of doing business in countries.
What is a bankruptcy law?
The conference programs will last for two days. The programs of the conference will include speeches by key-note speakers, panel discussions and workshops. Experts from local and international communities will participate on the conference programs to discuss certain topics related to the understanding of the new Bankruptcy Law of Saudi Arabia, the economic impacts and the capacity building of specialists in bankruptcy practices. The Conference will discuss the following topics:
- The economic impact of Bankruptcy Law
- The financial restructuring procedure
- The judiciary role in bankruptcy cases
- The roles of the Bankruptcy Commission
- The Liquidation procedure
What is the Bankruptcy Commission?
It is a procedural legal framework that maximizes the value of assets, taking into account the rights of creditors, and enables the investor to overcome financial difficulties through various procedures. The most important of which are the following three procedures:
- Protective Settlement procedures
- Financial Restructuring procedures
- Liquidation procedures
Who is targeted by the Conference?
An independent governmental entity that contributes to increasing confidence in bankruptcy proceedings by building the capacity of those working in the field, raising the efficiency of procedures and enhancing transparency. The Bankruptcy Commission was founded pursuant to article 9 of the Bankruptcy Law, and has the legal personality, financial and administrative independence; it operates under the supervision of H.E. the Minister of Commerce and Investment.
- The business community
- Bankruptcy officeholders and experts