The Commission was established by the Council of Ministers decree No (623) dated 4/9/2018 A.D, according to Article (9) of the Bankruptcy Law issued by a Royal Decree No. M/05 dated 13/2/2018 A.D. The Commission possess a corporate personality and is financially and administratively independent, under the supervision of H.E Minister of Commerce and Investment.
The Commission worked, since its establishment, in fulfilling several administrative and technical duties, stipulated in the Bankruptcy Law and its Implementing Regulations as the following:
- Supplementing bankruptcy regulatory environment by developing regulatory standards, forms, and documents stipulated in the Law and Regulations.
- Managing the administrative liquidation procedure.
- Licensing officeholders and experts after acquiring a set of necessary skills and knowledge that are provided by the Commission within specialized qualification programs.
- Developing a list of officeholders and experts, and post it on the Bankruptcy Commission's website.
- Contributing to improving bankruptcy procedures' efficiency through processes of examination and investigation to ensure parties are compliant to the regulatory conditions.
- Promoting trust and transparency in bankruptcy procedures by creating, maintaining, and managing the bankruptcy register.
- Establishing activities and participating in events that aim to raise awareness regarding the Law.
- Enabling the implementation of Bankruptcy Law by developing specialized manuals and providing appropriate electronic services.
- Establishing partnerships with public and private sectors to promote effectiveness of the implementation of the Law's provisions.
- Periodically reviewing the Law's provisions, Regulations, rules, relevant instructions, guidelines, coordinating with relevant stakeholders, and proposing necessary amendments in accordance with approved regulatory procedures.