FINANCIAL REORGANIZATION TRUSTEE SERVICES

FINANCIAL REORGANIZATION TRUSTEE SERVICES2019-08-21T17:29:30+00:00

Financial reorganization is defined as a procedure that aims at facilitating the debtor’s coming to terms with his creditors regarding the financial restructuring of his business under supervision of a Financial Reorganization Trustee.

The court appoints the Financial Reorganization Trustee after approval of the Financial Reorganization Proposal.

The Financial Reorganization Trustee will, among other duties, supervise the debtor’s activity during the financial restructuring to ensure fairness of the procedure and its execution. The debtor will also need to obtain the Trustee’s approval before undertaking any of a large number of specified actions that may have an impact on his asset and liability position.

Liquidation Accounting in Saudi Arabia