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Liquidation Procedure
A procedure that aims to account for creditors' claims, the sale of the Bankruptcy Assets and the distribution of the sale proceeds to the creditors under the management of the liquidation officeholder.

General Considerations:

  • The debtor may apply to the court for the commencement of the procedure.
  • The creditor may apply to the court for the commencement of the procedure if the total debt claimed exceeds (fifty thousand) Saudi Riyals.
  • The total debt exceeds (2 million) Saudi Riyals.
  • There is no chance for the debtor to resume his/her business activities and generate better returns.
  • The proceeds expected from selling the assets shall cover the procedure's expenses.
  • The officeholder manages the debtor's business activity and the procedure.​​


    Liquidation Procedure - By Creditor
     
    Liquidation Procedure - By Debtor
     
    Liquidation Procedure - Journey
     

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