13/12/2016
The Committee of " The conciliation that prevents bankruptcy " in Asharqia Chamber held its first meeting after the decision of the Minister of trade and investment, of the approved formation in accordance with the Settlement preventing bankruptcy Law issued by Royal Decree No. (M / 16) date 09/04/1416.
The committee was formed headed by lawyer Khalid Bin Abdul Latif Al Saleh, and the membership of the lawyer Talal Bin Salah Al Ahmadi, the lawyer Sabah bin Shaher Al Marri, the lawyer Saud bin Ibrahim Al Hamam.
Chairman of Asharqia Chamber Abdulrahman bin Saleh Ataishan said that the decision to form the committee is an important and practical step to help and protect traders who suffer from certain conditions that require delay with their debts, so as to ensure their remaining in this activity to serve the economy and society in general, pointing that the first statement of the protective settlement system of the Saudi bankruptcy permitted the trader, whom financial conditions are troubled to an extent where he fears he will not pay his debts, before starting the protective settlement procedures of bankruptcy, firstly he applies the conciliation with his loaners in the committees that were formed for this purpose, the commercial and industrial, including the committee formed the Asharqia Chamber, and according to some of the procedures and rules contained in the executive regulations of the system.
For his part, Chairman of the Committee Lawyer Khaled Al Saleh described the formation of the committees as a step forward to maintain the business, saving employees from obstacles and the opportunity to overcome differences before going to the judicial authorities, and the mechanism followed in many countries that proved its success in protecting the troubled ones and taking their hands and save them from trouble. Also he explained the among the Committee protective missions is to receive the conciliation requests by traders whose centers are in the committee and the financial conditions of the trader considering the approved budgets for the last two years to clarify the reasons for the situation disorder and the suggested method of settling his and urging him to provide the Committee with the value of the debt he owes and he must provide an identification of his creditors and their place of residence names and demanding identification of the debt and the procedures to claim in addition to the guarantees provided to the seriousness of his request and paying his debts and providing the Committee with the claims and the procedures against him and getting all the data in favor of the documents and referred to above with the assistance of those whom you chose with experience and the costs are on the account of the trader who asked for conciliation.
