The Commission was established by the Council of Ministers decision No (623) dated 24/12/1439 A.H (corresponding to 04/09/2018 A.D). pursuant to Article (9) of the Royal Decree No. M/05 dated 28/05/1439 A.H (corresponding to 13/02/2018 A.D). It possess a corporate personality and is financially and administratively independent under the supervision of the Minister of Commerce and Investment.
The Bankruptcy Law assigned many duties and competences to the Commission, detailed in Article (9) of the Law, among which are:
- Establishing, storing, and managing the Bankruptcy Register.
- Licensing and issuing lists of bankruptcy officeholders and experts.
- Issuing the rules governing the work of bankruptcy officeholders and experts.
- Inspecting and verifying the operations of bankruptcy officeholders related to established bankruptcy procedures.
- Managing Administrative Liquidation Procedures.
- Providing training, consultation, and services.
- Issuing the forms and documents stated in the Law and Implementing Regulations.
- Organizing and sponsoring initiatives that increase awareness about the Law.