Theoretical Framework and Analysis of New Bankruptcy Regulations in Saudi Arabia

Abstract

This research reviews the regulations of bankruptcy system in Saudi Arabia in the light of the advanced international practices in this field, in order to identify best practices and adopt them in accordance with Shari'a and regulations and in conformity with commercial customs to apply these regulations in the Kingdom of Saudi Arabia. The aim of this step is to identify the general regulations of the new system, its philosophy and its main characteristics by conducting a general study of the legal frameworks governing bankruptcy in order to identify the most prominent features of these systems and their general policies and procedures. The aim of this research is to identify options for developing and explaining the detailed rules and approaches for each of the main policies and features agreed upon according to bankruptcy regulations in Saudi Arabia.