After reviewing what was submitted by his Excellency the Minister of Commerce, as well as the recommendation prepared by the Council of Economic and Development Affairs No. (41-19 /41/D) in 19/06/1441 A.H, and after considering the decision of the Shura Council No. (120 / 27) in 02/07/1441 A.H, the Council of Ministers decided to approve the amendment of Articles (46) and (147) of the Bankruptcy Law, issued by Royal Decree No. (M/50) in 28/05/1439 A.H, to be as follows:
Article (46)
- The request for commencing or the commencing of a financial restructuring procedure shall result in claim moratorium for a period of (180) days, and the Court may, at its sole discretion or on the request of the officeholder or the debtor to extend the period no more than (180) days.
- The moratorium period terminates on the expiry date set out in paragraph (1) of this Article, or before then, in case the request for commencing a procedure is rejected, or when the Court ratifies the proposal, or when terminating the procedure before ratifying it.
Article (147)
- The request for commencing or the commencing of a small debtors' financial restructuring procedure shall result in claim moratorium for a period of (180) days, and the Court may, at its sole discretion or on the request of the officeholder or the debtor to extend the period no more than (180) days.
- The moratorium period terminates on the expiry date set out in paragraph (1) of this Article, or before then, in case the request for commencing the procedure is rejected, or when the proposal is approved, or when terminating the procedure before approving the proposal.
