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Saudi Arabia’s Shura Council Passes Draft Bankruptcy Law

RIYADH, December 13 (CIC) – Saudi Arabia’s Shura Council has approved the draft bankruptcy law, as part of the Kingdom’s efforts to attract foreign investment and encourage private sector activity. The draft law, which consists of 231 articles in 17 chapters, aims to regulate bankruptcy procedures for preventive settlement, financial reorganization, liquidation, preventive settlement for…