Bankruptcy and corporate insolvency cases create challenging legal hurdles that require knowledge and proficiency to navigate, especially when a salvage exercise is involved. Any corporate restructuring process requires a deep understanding of the rights and obligations of all affected parties. With experience in all key industry sectors, our team is equipped to assist you in meeting claim deadlines and will guide you to adeptly fulfill all regulatory provisions, prioritizing the protection of your rights and interests both inside and outside of court.

At AlGhazzawi & Partners, we have over 50 years of experience advising debt and equity financers, borrowers, lenders, arrangers, project sponsors, international financial organizations and export-credit agencies through corporate liquidation, insolvency, and bankruptcy proceedings. Our legal team has tackled some of the most complex legal challenges faced by both domestic and foreign-owned companies across a variety of industries and sectors.

With our Cooperation Agreement with Gowling WLG, we combine our extensive local knowledge with Gowling’s global bankruptcy and insolvency expertise. This allows us to seamlessly serve our clients on multi-jurisdictional matters.

Navigate Rapidly Evolving Bankruptcy and Corporate Insolvency Regulations

The Regulatory regime covering insolvencies and bankruptcy has recently been revamped in the Kingdom to strengthen protection for creditors. These changes aim to prevent fraud deployed by unscrupulous businesses that siphon funds and dispose of assets to avoid fulfilling their financial obligations. Our practice has evolved and kept pace with the changing legal landscape, and our legal team remains well-versed with the current policy frameworks and regulations here in Saudi Arabia and internationally.

Bankruptcy and Insolvency Help for Domestic and Foreign-Owned Companies

Our team advises on a full range of bankruptcy and insolvency transactions in the Kingdom of Saudi Arabia including closures of businesses owned by national entities and/or international companies. We work closely with company auditors and advisors to ensure that all fiscal requirements are duly met within prescribed time frames, a key to a quick and successful closure. We regularly represent and protect the interests of various stakeholders, including:

• Owners
• Majority shareholders
• Minority shareholders
• Foreign partners.

Our legal team is committed to facilitating quick solutions for debtors and creditors prior to the dissipation of available assets. Where possible, we help companies continue their operations despite enduring losses while guiding them to fulfill mandatory regulatory requirements to avoid penalties, fines and other punitive actions.

We are experienced in acting as a liquidator for companies opting for voluntary closure as well as those forced by the courts to undergo liquidation. Our experienced legal team ensures that the liabilities of the companies we represent are managed and the rights of creditors are well-served.

About Our Bankruptcy and Insolvency Practice Group

Our legal team’s broad experience in general business, corporate and commercial finance, and dispute resolution, makes us uniquely equipped to understand the practicalities of distressed organizations and to develop, in collaboration with our clients, strategies for optimum resolution of their problems.

Notable Bankruptcy and Insolvency projects include:

• Guiding an Italian company engaged in providing services to the oil and gas industries in the voluntary closure of its businesses in Saudi Arabia.
• Aiding a Japanese multinational company in organizing the complete formal process of voluntary closure of businesses as well as acting as the official liquidator and trustee over its monetary and non-monetary assets.
• Handling a long stretched dispute for a Japanese multinational over dispute with their partner in a Saudi limited liability company and arranging its liquidation through court proceedings
• Working with a Singaporean company to obtain judgement from relevant courts in order to close businesses after their Saudi partner abandoned the business and declined to facilitate closure.
• Contesting bankruptcy declared by a real estate giant based in Riyadh to enforce a judicial order against the debtor before the declaration of bankruptcy.

Contact Our Legal Team

No matter the situation, our team has the mastery and reach to aid in navigating your bankruptcy or insolvency issues. With offices located in Jeddah, Dammam, and Riyadh, we provide bankruptcy and insolvency services to domestic and international clients across the Kingdom. Contact us to book a consultation.