الإعسار في نظام التنفيذ وتطبيقاته في المملكة العربية السعودية

Abstract

The Study aims to discuss the issue of insolvency and its application in Saudi Arabia court by defining its general and legal meaning under the Saudi Arabia Law. There are few legal problems found in the implementation of the law i.e, there are lacunae in the law in terms of absence of some important legal provisions which are related to the insolvency lawsuits. The study also deals with the practical aspects of debtor’s insolvency as applied by Saudi Arabia Courts in terms of lawsuit’s procedures and the appeal process against the judgment which have been made. The researcher uses the descriptive and inductive method and the practical method in formation of the research. Several findings have been discovered which includes the Lack of collective liquidation in civil insolvency unlike in the case of commercial bankruptcy, and the permissibility of declaring debtor’s bankruptcy, if he stops the repayment of his debt. The study also points out the difference between insolvency and bankruptcy, where the former is specifically related to non-commercial deptors and the latter is related to commercial debtors. Moreover, there is a great development found in the Precautionary Reservation Procedures in Saudi Arabia Legal System. Based on the findings, the researcher concludes that precautionary seizure is very important in the confiscation and reservation of debtor’s wealth for the purpose of settlement of debts before he disposes through sale, hiding or fraud.