The Bankruptcy Commission conducted the first workshop for bankruptcy officeholders on Tuesday 21/2/1440 A.H. in Riyadh. Fifty two qualified officeholders who fulfilled the requirments that are in accordance with the Counsel of Minister’s decision (622) (dated 24/12/1439), attended the workshop. The workshop had many objectives including: introducing the Bankruptcy Law and its objectives to officeholders, pointing out the differences between the previous and the new Law, and laying out expectations. The workshop also aimed to highlight the roles and competences of bankruptcy officeholder in the Implementing Regulations. Furthermore, the workshop highlighted the relationship between officeholders, the Court, and the Bankruptcy Commission.
The first segment of the workshop, Sheik Ahmed bin Saleh AlAbudi (PhD), judge and member of Commercial Court, opened up with a speech about rulings related to bankruptcy and the important role the Court plays the process. After that, the head of the Bankruptcy Commission in the Ministry of Commerce and Investment Majed bin Abdulrhaman AlRasheed spoke about the legal framework of the Bankruptcy Law; he also introduced the Commission and its main duties. The workshop ended with a speech by the legal consultant and head of the Bankruptcy Law Project Maher bin Othman AlSaeed about Bankruptcy Procedures and differences between them.
The second segment of the workshop covered the role of bankruptcy officeholder in implementing the Bankruptcy Law. Then, in an open question and answers meeting, the speakers and officeholders discussed the role of the officeholder in each of the seven Procedures of the Law.
It is worth mentioning that this is the first workshop for officeholders; more workshops will follow.