The words and terms mentioned in these rules shall have the meanings specified next to each of them in Article (1) of the Bankruptcy Law, issued by Royal Decree No. (M/50) dated 28/5/1439 AH, and Article (1) of the Implementing Regulation of the Bankruptcy Law, issued by Council of Ministers Resolution No. (622) dated 24/12/1439 AH, unless a specific definition is provided for them in these rules.

The provisions of these rules apply to the trustees and experts listed in the Bankruptcy Trustees or Experts List.

The purpose of these rules is to enhance confidence in bankruptcy procedures and to improve the quality of the work of trustees and experts.

The Trustee and the Expert must adhere to the provisions of the Law and the Regulation, as well as all applicable laws, regulations, rules, decisions, and circulars related thereto.

• The Trustee and the Expert must, prior to their appointment, declare to the court any relationship with the Debtor or Creditors or any conflict of interest in the Bankruptcy procedure, which must include the following:

  • A. A statement of the nature of this relationship, if any.

  • B. A statement of any conflict of interest - if any - such as if the Trustee or the Expert is a Creditor of the Debtor or their spouse, son-in-law, or relative up to the fourth degree, or a partner of the Debtor, or an employee of the Debtor, or an auditor of their accounts, or their agent, during the two years preceding the commencement of the procedure.

• 1. Taking into account the periods stipulated in the Law and Regulation, the Trustee shall, within a period not exceeding (ten) days from the date of his appointment, prepare a work plan for managing the tasks - as appropriate - which shall include the following:

  • ‌A. Information about the Debtor, the type of Bankruptcy Procedure, and details of the ruling to open the procedure.

  • ‌B. The information and documents reviewed, including details of the bankruptcy assets and debts.

  • ‌C. The expected duration to complete each of the following:

    • 1- Reviewing the claims of the Creditors and preparing the list of claims.

    • 2- Inventory list of the bankruptcy assets.

    • 3- Selling the bankruptcy assets in the liquidation procedures or liquidation for small Debtors.

    • 4- Distributing the proceeds in the liquidation procedures or liquidation for small Debtors.

    • 5- Submitting a request to the Court to terminate the procedure.

  • ‌D. How to issue approval for the Debtor's requests and the method of assisting him in preparing the proposal in the financial reorganization procedures or financial reorganization for small Debtors.

  • ‌E. The potential difficulties in managing the tasks of the procedure, and the proposed steps to overcome them.

  • ‌F. Any other information or steps that the Trustee deems important to include in the work plan.

• ​2. The Trustee shall, when necessary, update the work plan.