Law firm Pillsbury published a research note highlighting the recently passed bankruptcy law in Saudi Arabia that incorporated modern alternatives to liquidating businesses in the Kingdom, using the first cases decided by the Saudi judiciary as case studies.
“For several years now, judges in [bankruptcy] courts have been involved in seminars and training workshops to help prepare them to rule on cases under the new law,” Pillsbury writes. “An examination of cases decided since the law’s enactment reveals the initial impact the law is having and how successful judicial engagement has been.”
Pillsbury said that the ultimate measure of the new law’s success is “whether it is used by the business and legal communities” in Saudi Arabia “and whether such usage becomes successful.”
The law firm also said that Saudi Arabia is “demonstrably credible and substantial progress in its goal to successfully implement its new insolvency law.”
Pillsbury Winthrop Shaw Pittman LLP is an international law firm with a particular focus on the technology & media, energy, financial services, and real estate & construction sectors.