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Find out moreThe first Law Update of 2024 is here, and our first focus of the year spotlights Healthcare and Lifesciences, a sector that is undergoing significant growth and development across the MENA region.
Our focus provides an insight into some of the most important regulatory updates across the region, such as the UAE’s groundbreaking law on the use of human genome, Kuwait’s resolution on nuclear and radioactive materials, the new regulations for healthcare services in Qatar, Egypt’s healthcare regulatory framework, and the impact of the Saudi Civil Transactions Law on the healthcare and life sciences sector … and there is so much more!
Beyond the healthcare pages our lawyers share with you multi-sector insights where you will discover articles on Dubai’s DIFC regulatory framework for startups, Bahrain’s commercial agencies law, and we also shed light on Kuwaiti civil code and the advantages of setting up a joint stock company in Saudi Arabia.
Read the full editionNew rules on cross-border bankruptcy procedures in Saudi Arabia have been released for the first time. These rules, which were issued by the Minister of Commerce on 8 December 2022 and came into effect on 16 December 2022, are intended to provide a clear framework for the recognition and enforcement of foreign bankruptcy procedures in Saudi Arabia, as well as to offer judicial assistance to foreign officeholders involved in such procedures.
It is crucial that you understand how these new rules may affect your business, particularly if you are involved in any cross-border bankruptcy proceedings or have assets or operations in Saudi Arabia. Under the new rules, the Saudi court may be able to recognize a foreign bankruptcy procedure upon request by a foreign officeholder and provide various forms of judicial assistance, including suspending rights and actions against the debtor, collecting evidence and information about the debtor’s assets, authorizing the management or disposal of the debtor’s assets in Saudi Arabia, authorizing the distribution of proceeds from the sale of the debtor’s assets, enforcing foreign judgments or decisions related to the foreign bankruptcy procedure, and freezing the transfer or disposal of the debtor’s assets.
In addition to these provisions, the new rules also outline procedures for the notification of foreign creditors without addresses in Saudi Arabia and provide a mechanism for appealing court decisions related to the recognition or enforcement of foreign bankruptcy procedures.
We encourage you to review the new rules in our Law update, which will be published in February 2023. Should you have any questions or concerns about how these new rules may impact your business, please do not hesitate to contact us. Our Saudi team who specialize in bankruptcy law are here to provide you with more information and assistance in navigating these developments.
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