( MENAFN ) Sources have revealed Saudi cabinet to have passed bankruptcy legislation, allowing more investors to be lured.
Saudi Arabia is seeking reforms in its economy, aiming to establish an environment well suited for investors.
Managing partner at Al Suwaiket and Al Busaies law firm Bader al-Busaies emphasized how "the timing is excellent".
He explained "lots of companies are facing financial difficulties. Before it was either liquidation or stakeholders had to inject money. The new law is an alternative solution - the international practice has proven that insolvency law offers a good solution for companies."
Legal Disclaimer: MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.