Regulatory Alerts2021-05-02
Instructions for Banking Obligations and Transactions in Accordance With the Bankruptcy Law and Its Implementing Regulations
The Saudi Central Bank issued these instructions to clarify banking obligations and facilitate transactions under the Bankruptcy Law and its Implementing Regulations. Banks must enable trustees or committees to access debtor information, comply with claim suspension orders, and submit claims within specified timeframes while maintaining pre-suspension account restrictions. The document also standardizes the requirements and processing timelines for opening, managing, and retrieving bank accounts and statements for debtors undergoing restructuring or liquidation.
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