1. The following terms and phrases, used herein, shall have the meanings assigned thereto in Article 1 of the Bankruptcy Law, issued by Royal Decree No. M/50, dated 28/5/1439H.

2. The following terms and phrases, used herein, shall have the meanings assigned thereto, unless the context requires otherwise:

• Bankruptcy Procedure: Any of the bankruptcy procedures stipulated in Article 2 of the Law.

• Information and Documents: Information and documents specified by the Bankruptcy Committee, in coordination with the Ministry of Justice.

• Meeting Management Rules: Rules issued by the Minister for managing meetings related to the bankruptcy procedures.

1 - The following shall be considered an organized entity:

• ‌A - Companies whose activity is to provide health services and products and that meet the standards of organized entities set by the competent authority.

• ‌B - Companies whose activity is to provide educational services and materials and that meet the standards of organized entities set by the competent authority.

• C - Payment systems, their operators, and service providers.

2 - The competent authority shall determine the organized entities within its jurisdiction according to standards it establishes for that purpose, in coordination with the Bankruptcy Committee.

Members of the debtor’s board of directors or board of managers, or his managers, or the like shall, prior to including voluntary liquidation on the agenda of the shareholders or partners assembly to be voted on, submit the following to the Ministry or the Capital Market Authority, as the case may be:

• a) A report prepared by the auditor, accompanied with an updated budget, confirming that the debtor's assets are sufficient to satisfy all his debts at the end of the proposed voluntary liquidation period, provided that said report is submitted within a period not exceeding 14 days from the preparation date.

• b) A written declaration therefrom stating that the debtor has not defaulted in the payment of his debts.

1. The petition for the initiation of a bankruptcy procedure shall be filed with the court accompanied with the required information and documents.

2. The trustee shall submit the decision of the small debtor or the competent authority, for judicial depository purposes, accompanied with the required information and documents.

3. If a person other than the debtor files a petition for the initiation of a bankruptcy procedure, the court may order the debtor to submit the information and documents referred to in paragraph (1) of this Article.

The court may, on its own motion or upon the request of a person with interest and after the registration of the petition for the initiation of any of the liquidation procedure, order any of the following:

• a) Appointment of a listed trustee to replace the debtor in managing his business and fulfilling his legal duties pending a court decision on the petition for procedure initiation.

• b) Attachment of the debtor's assets whether in his possession or the possession of a third party.