3/1 – Overview
The economic fluctuations, financial ramifications and expansion of commerce and companies witnessed by the modern era has imposed on the Kingdom of Saudi Arabia and other world states the need to develop laws and protection of parties in the commercial transactions and other relations performed between the parties by the use of commercial papers for protection of their rights and obligations. In line with this development in the economic and legal aspect, our firm has taken a professional approach for collecting and restructuring the debts and recovery of financial rights for banks, companies and individuals pursuant to the laws enacted and developed by the Kingdom of Saudi Arabia for securing the rights and obligations, development of financial rights of clients and collection of debts, namely:
Law of Commercial Papers issued by the Royal Decree No. 37 dated 11.10.1383H related to bills, cheques, promissory notes, method of issuing, trading and guaranteeing the commercial papers, and failure to hear the lawsuit.
Law of Commercial Courts issued by the Decree of Council of Ministers No. 511 dated 14.08.1441H and its Executive Regulations, and the development brought about by the Saudi legislator in terms of reconciliation measures, issuance of payment orders, notification before filing the lawsuit, the collective lawsuit and compensation for damages.
Arbitration Law and its Executive Regulations issued by the Royal Decree No. M/41 dated 24.05.1433H for amicable resolution of disputes before recourse to the arbitration, the competent court, procedures of designation of arbitrators, use of experts when needed and delivery of arbitral awards.
Saudi Arabian Bankruptcy Law issued by the Royal Decree No. M/50 dated 28.05.1439H and its Executive Regulations and its contents of issuing a decision by the commercial court to designate a certified bankruptcy office, bankruptcy procedures, financial re-regulation, votin
