1. The terms and expressions used herein shall have the meanings assigned thereto in Article (1) of Bankruptcy Law, issued by virtue of the Royal Decree No. (M/50), dated 28/05/1439 A.H, and Article (1) of The Bankruptcy Law and its Implementing Regulations, issued by virtue of the Council of Ministers' Resolution No. (622), dated 24/12/1439 A.H, unless other specific definitions therefor are contained herein.
2. The following terms and expressions, wherever mentioned herein, shall have the meanings respectively indicated below, unless the context indicates otherwise:
a. Penalty Register: The register specified under paragraph (3) of Article (204) of the Regulations.
b. Depositor: Anyone who is instructed to deposit documents and information in the bankruptcy register, in accordance with the provisions of the Law and the Regulations.
c. Documents and Information: The documents and information to be deposited in the Bankruptcy Register, pursuant to the provisions of the Law and Regulations.
1. An application to deposit documents and information in the bankruptcy register must be submitted electronically through Bankruptcy Commission's website.
2. An application to deposit and update the bankruptcy register must be accompanied with the following.
a. Proof of the depositor's identity and status.
b. The documents and information.
3. The Bankruptcy Commission may ask the depositor to present the original documents and information for verification.
4. The depositor must update the documents and information deposited in the Bankruptcy Register, whenever any changes occur thereto.
5. The depositor shall be responsible for the accuracy of the documents and information provided by him or her.
1. The Bankruptcy Commission will evaluate the application to deposit in or update the bankruptcy register and determine if it meets the regulatory requirements. The commission will notify the depositor whether the application is accepted or not, with reasons to why, within (three) days from the date of the request.
2. The regulatory effects for depositing or updating shall come into effect on the date of the acceptance of the application, and it will be included in the bankruptcy register.
1. The contents of the bankruptcy register, and the penalty register shall be made available to the public on the Bankruptcy Commission's website. However, the Bankruptcy Commission can require any person to verify his/her identity when necessary.
2. Accessing the bankruptcy register shall be limited to: The debtor's name, the company's or the organization's commercial registration number, the last three digits of the debtor's (who is a natural person) identification number, documents source and date, and a summary of the contents. The Bankruptcy Commission, where applicable, may provide access to the deposited documents.
3. Accessing the penalty register shall be in accordance with the provisions of Article (90) of the Implementing Regulations.
4. It is illegal to misuse the right to access the registers, and anyone who does so, shall be held responsible for any consequent violation.
1. The name of the debtor, who is a natural person, shall be removed from the bankruptcy register thirty days following the date of the court's judgement to terminate the liquidation procedure or liquidation procedure for small debtors, or deposit what can terminate the administrative liquidation procedure in the bankruptcy register.
2. The name of any debtor punished pursuant to the provisions of paragraph (2) of Article (203) of the regulations, shall be removed from the penalty register upon the lapse of the punishment period provided for in the judgement.