In line with the provisions of the Bankruptcy Law issued by Royal Decree No. (M/50) dated 28/5/1439H, which mandates Eisar to promote the implementation of the Bankruptcy Law in the Kingdom of Saudi Arabia, and through joint efforts with relevant entities and all stakeholders involved in the application of bankruptcy procedures in the Kingdom — including trustees and experts — and through continuous review of the Law’s implementation, significant progress has been achieved during the current year.

This includes the completion of managing several bankruptcy procedures, such as financial reorganization and liquidation. The timeframes for managing these procedures were in line with the requirements to safeguard the rights of all parties, as stipulated by the Law. The average duration for managing financial reorganization procedures was nine (9) months, and eighteen (18) months for liquidation procedures.