• ​1.  The terms and expressions used herein shall have the meanings assigned thereto in Article (1) of Bankruptcy Law, issued by virtue of Royal Decree No. (M/50), dated 28/5/1439 A.H., and Article (1) of Bankruptcy Law Implementing Regulations, issued by virtue of the Council of Minister's Resolution No. (622), dated 24/12/1439 A.H., unless other specific definitions therefor are contained herein.    

• 2.  The following terms and expressions, whenever mentioned herein, shall have the meanings assigned thereto, unless the context requires otherwise:

  • Nomination: Proposing one or more of the names registered in bankruptcy officeholders' or experts' list to perform any of the tasks assigned to them in terms of the bankruptcy procedures

  • Nomination Applicant: The court, debtor, creditor, officeholder, competent authority or any stakeholder

  • Nominee: The officeholder or expert nominated by the Bankruptcy Commission from among those registered in bankruptcy officeholders' or experts' list.​

​The provisions hereof shall apply to the application for nomination submitted to the Bankruptcy Commission.

​Nominee must be registered in the bankruptcy officeholders' or experts' list.

​The application for nomination must be submitted in full on the Bankruptcy Commission's website according to the form set for that purpose. ​​

• ​Nomination Applicant shall designate one of the following tasks:​

  • a. Annotating that the proposal of the protective settlement procedure fulfills the required information and documents; 

  • b. Preparing a report stating that, in the officeholder's opinion, the protective settlement proposal will likely be approved by the majority of the creditors and can be implemented;

  • c. Preparing a report indicating that terminating any of the debtor's contracts related to the protective settlement procedure or the small debtor's protective settlement procedure is necessary for protecting the debtor's activity, realizes the interests of the majority of the creditors and causes no serious damage to the counterparty;  

  • d. Acting as an officeholder for the financial restructuring procedure;

  • e. Acting as an officeholder for the liquidation procedure;

  • f.  Acting as an officeholder for the small debtors' financial restructuring procedure;

  • g. Acting as an officeholder for the small debtors' liquidation procedure;

  • h. Preparing an expertise report regarding the bankruptcy procedures; and

  • i. Assuming any other task to be assigned to the officeholders or experts in terms of the bankruptcy procedures.

• Any application for nomination shall include the following:

  • a. Data of both the Applicant and debtor,

  • b. Type of the bankruptcy procedure, and

  • c. The judgement or decision ordering the commencement of the bankruptcy procedure (if any).​

• ​The application for nomination must be attached -as the case may be- with the following:

  • a. A brief overview or a copy of the proposal, in terms of the tasks set out in paragraphs (a) and (b) of Article (6) hereof;

  • b. A brief overview or a copy of the proposal, information on the contract to be terminated and a statement indicating that the contract termination is necessary for protecting the activity, realizes the interests of the majority of the creditors and causes no serious damage to the counterparty, in terms of the task set out in paragraph (c) of Article (6) hereof;

  • c. The information and documents to be submitted upon applying for the commencement of the bankruptcy procedure in accordance with the Rules of Information and Documents, in terms of the tasks set out in paragraphs (d), (e), (f) and (g) of Article (6) hereof;

  • d. An expertise statement and description, in terms of the task set out in paragraph (h) of Article (6) hereof.

• The Bankruptcy Commission shall specify the documents that must be attached in case of applying for nomination to any other task according to paragraph (i) of Article (6) hereof.  ​