In Light of the Bankruptcy Law and its Implementing Regulations

The Saudi Central Bank has Issued Clear Instructions for Bank Obligations and Transactions​

The Saudi Central Bank has issued clear instructions for bank obligations and transactions in light of the Bankruptcy Law and its Implementing Regulations, as banks play an important role in implementing the Bankruptcy Law.

This aims to clarify the bankruptcy officeholder's role and powers in banking transactions associated with bankruptcy procedures, which are needed to facilitate the work of the bankruptcy officeholder or Bankruptcy Commission.

The instructions addressed the obligations of the banks as bankers or creditors, as well as their obligations with bank accounts and bank statements related to any Bankruptcy Law procedure, and the duration of the execution of such transactions.