1- The terms and expressions contained herein shall have the meanings assigned thereto in Article (1) of Bankruptcy Law, issued by Royal Decree No. (M/50), dated 28/05/1439H, and Article (1) of Bankruptcy Law Implementing Regulations, issued by the Council of Ministers' Resolution No. (622), dated 24/12/1439H, unless otherwise defined herein.

2- The application, wherever contained herein, shall mean the application provided for in the Bankruptcy Law and the Implementing Regulations thereof, accompanied with the information and documents.

Any application form shall include the data and attachments required for the pleadings before the commercial courts for both the applicant and the debtor.

Any application form shall include the following:

• a. The application type and the reason for the submission thereof;

• b. The type of the bankruptcy procedure;

• c. The judgement or decision to commence the procedure, if any;

• d. The data of the appointed or proposed officeholder, if any

The information and documents attached to the application for the commencement of any bankruptcy procedure submitted by the debtor, or the judicial deposit submitted by the officeholder to the court, shall be in the form issued by the Bankruptcy Commission.

Any application for the commencement of any protective settlement and financial restructuring procedures, filed by the debtor, shall be accompanied with the following:

• a. A brief description of the business and a copy of its license, if any; and a copy of the corporate debtor's articles and memorandum of association, and amendments of each of them, if any.

• b. A proof that the debtor is bankrupt, distressed or is likely to suffer financial distress;

• c. A brief description of the debtor’s financial position during the (twenty-four) months preceding the application and the effects of the economic situation thereon;

• d. The financial statements in case the debtor is a corporate person, for the past (two) fiscal years preceding the application;

• e. The financial statements in case the debtor is a natural person, if previously prepared, for the past (two) fiscal years preceding the application;

• f. A list of the debts owed by the debtor provided that such a list shall include the following:

  • 1. Each debt's value, origin and due date, and the supporting documents;

  • 2. Each creditor's name, number of identity card or commercial registration, address and contacts;

  • 3. A statement of the secured debts and the security type.

• g- The debtor’s list of assets and an evaluation of the aggregate value thereof, provided that it shall be prepared no later than (one month) before the date of submitting the application;

• h- The data of the debtor’s personnel and the total of their monthly wages and salaries;

• i- The decision indicating the competent authority’s approval for the registration of the bankruptcy procedure or the judicial deposit, commencement application filed by the debtor if the debtor is a regulated entity, or the documents evidencing that the debtor has filed the approval request and the competent authority failed to issue the decision before the lapse of the specified period according to the provisions of paragraph (3) of Article (3) of the Law;

• j- A statement of the lawsuits, legal proceedings, judgments and executive deeds related to the debtor, and the supporting documents.

Any application for the commencement of any bankruptcy procedure, filed by the debtor, shall be accompanied with the following:

• a. The information and documents provided for in Article (5) herein, excluding the provisions of paragraph (b) of the same Article, evidence shall be submitted to prove that the debtor is bankrupt or distressed;

• b. Evidence of the likelihood of the debtor’s inability to continue his business, with an indication of the impact of any pandemics, emergency circumstances, or lawsuits on its financial position and the possibility of continuing the activity when this effect ceases to exist.

• c. A statement of any of the following actions taken by the debtor during the (twentyfour) months - prior to submitting the application - with any party:

  • 1) Assigning, in whole or in part, any of its assets, rights, or securities provided thereto;

  • 2) Concluding a transaction without or at a consideration less than the fair value;

  • 3) Concluding a transaction that includes settling debts before their maturity dates or settling them unfairly;

  • 4) Providing securities to debts before evidencing that he is so indebted;

  • 5) Discharging its debtor, in whole or in part, of a debt owed thereto.

Any application for the commencement of any financial restructuring, small debtors’ financial restructuring, liquidation and small debtors’ liquidation procedures, filed by the creditor, shall be accompanied with the following:

• a. A detailed statement of the debt owed by the debtor thereto; and such a statement shall include the debt's value, origin and due date as well as the repayment status;

• b. A proof that the debtor is bankrupt, distressed or is likely to suffer financial distress in terms of both procedures of financial restructuring provided for under this Article, and a proof that the debtor is bankrupt or distressed in terms of both procedures of liquidation provided for under this Article;

• c. The decision indicating the competent authority’s approval for the registration of the bankruptcy procedure commencement application filed by the debtor, if the debtor is a regulated entity, or the documents evidencing that the debtor has filed the approval request and the competent authority failed to issue the decision before the lapse of the specified period according to the provisions of paragraph (3) of Article (3) of the Law

Any application for the commencement of any bankruptcy procedure, filed by the competent authority, shall be accompanied with the following:

• a. The official deed evidencing that the debtor is a regulated entity and is subject to its supervision;

• b. A proof that the debtor is bankrupt, distressed or is likely to suffer financial distress in terms of financial restructuring procedure provided for under this Article, and a proof that the debtor is bankrupt or distressed in terms of both procedures of liquidation provided for under this Article