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The New Bankruptcy Law of Saudi Arabia : an Overview and Comparative Study of Approaches to Small Business Bankruptcy
Abstract
The present thesis undertakes a descriptive analysis of the Saudi bankruptcy law enacted in 2018. This dissertation makes a significant contribution to the research on Saudi bankruptcy law by establishing that the new law is friendlier to debtors in general and to small and medium enterprises (SMEs) in particular. The dissertation also establishes that the law should be considered comprehensive. Additionally, this research describes the legal implications of the different procedures that Saudi law provides for bankrupt debtors. Moreover, this thesis contributes significantly to ongoing research into the new Saudi law by comparing the law’s conditions, procedures, and legal effects to U.S. bankruptcy law, especially under the new addition of the 11 U.S. Code Subchapter V in 2019. This research discovered many similarities between the Saudi bankruptcy law and the U.S. Code. Nevertheless, this thesis argues that there is room for development and growth in the new Saudi law, especially in terms of establishing discharge and increasing the debt limit for small debtors, which the Saudi legislature may wish to consider going forward.