Best Restructuring & Insolvency Lawyers in Riyadh

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Founded in 2012
25 people in their team
Arabic
English
AsrLawGroup - Saudi Arabia | Full Services Law Firm in Saudi ArabiaStart Confidently. Protect What Matters.A Full-Service Law FirmAt ASRLAWGROUP LLC, we offer a comprehensive suite of legal services covering all areas of law, catering to both individuals and businesses alike. We believe that legal...
Sahal Law Firm

Sahal Law Firm

15 minutes Free Consultation
Riyadh, Saudi Arabia

Founded in 2015
53 people in their team
English
Arabic
Sahal Law Firm - Riyadh, Saudi ArabiaSahal Law Firm is a premier Saudi law firm in Riyadh providing bilingual (Arabic / English) counsel to local and international clients. we deliver end-to-end solutions in mergers & acquisitions (M&A), SAMA fintech licensing, corporate and commercial law,...
Dr. Mohammed Alhashem law firm
Riyadh, Saudi Arabia

Founded in 2022
9 people in their team
Arabic
English
Top-Tier Legal Services in Saudi Arabia | Dr. Mohammed Alhashem Law FirmLeading Legal Excellence in Saudi ArabiaAt Dr. Mohammed Alhashem Law Firm, we are committed to delivering world-class legal services rooted in deep local insight and global best practices. Based in Riyadh, Saudi Arabia, our...
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Younes & Associates
Riyadh, Saudi Arabia

Founded in 1987
10 people in their team
Arabic
English
French
HistoryEstablished in 1987 by distinguished legal minds, Mohammed Al Jarbou & Boutros Younes, our law firm has proudly navigated over three decades in the region's legal arena. The strength of their expertise has cemented our reputation as a dependable beacon for both corporate entities and...
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Trabulsi & Co.
Riyadh, Saudi Arabia

Founded in 2015
12 people in their team
Arabic
English
Trabulsi & Co. is a KSA (Riyadh-Jeddah) based Law Firm providing high-quality services that rise to international standards while maintaining our national values. Specializing in litigation, corporate advisory, and legal project management we provide services directed to both local and...
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English
Al-Hamdan & Al-Amri Law Firm is recognized for its comprehensive expertise in the legal domain, excelling in providing tailored legal services in Saudi Arabia. The firm boasts a team of seasoned attorneys whose knowledge spans a diverse range of legal areas, ensuring clients receive informed and...
Al Othman Lawyers & Consultant Co
Riyadh, Saudi Arabia

Founded in 2016
81 people in their team
Arabic
English
Al Othman Lawyers and ConsultantsIs a leading company in the legal field in Saudi Arabia and the Middle East, founded in 2016 and headquartered in the Kingdom of Saudi Arabia. The company specializes in providing a wide range of legal services, including consulting, pleading and litigation,...
Khalid Alnowaiser Law Firm & Partners

Khalid Alnowaiser Law Firm & Partners

15 minutes Free Consultation
Riyadh, Saudi Arabia

Founded in 1994
10 people in their team
Arabic
English
Khalid Alnowaiser Law Firm & Partners: Pioneering Legal Excellence in Saudi ArabiaEstablished in 1996 by Dr. Khalid Alnowaiser, our firm has rapidly evolved into a vanguard of legal innovation in Riyadh and Jeddah. At Khalid Alnowaiser Law Firm & Partners, we don't just practice law; we...
The law Firm of Majed Alsaeed
Riyadh, Saudi Arabia

Founded in 2016
50 people in their team
Arabic
English
Majed Al-Saeed 's officeLawyers and legal advisorsThe office includes a group of Saudi lawyers and legal advisors to work on all types of cases within the scope of the Kingdom of Saudi Arabia.It is also the only headquarters in the city of Riyadh, as the office's work included the central, western...
ADP Law Firm
Riyadh, Saudi Arabia

Founded in 2000
50 people in their team
Arabic
English
We are a full-service business law firm providing clients with the highest quality legal adviceADP Law Firm is one of the fastest growing law firms in legal services sector in the Middle East based on the quantity and quality of clients and staff. ADP provides premium services that always get...
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About Restructuring & Insolvency Law in Riyadh, Saudi Arabia

Restructuring and insolvency law in Riyadh, Saudi Arabia, is designed to help companies and individuals who are struggling with financial distress. Saudi Arabia has implemented a modern legal framework to support business continuity, protect creditors' and debtors' rights, and provide mechanisms for out-of-court and formal insolvency proceedings. The Saudi Bankruptcy Law, enacted in 2018, aims to encourage entrepreneurship and investment, while giving viable businesses a chance to recover. Riyadh, as the nation's economic and administrative capital, sees significant restructuring and insolvency activity, especially as the business environment evolves rapidly.

Why You May Need a Lawyer

Legal assistance in restructuring and insolvency is essential in various situations, including:

  • If your business is experiencing financial difficulties and you want to explore options for restructuring debts
  • When creditors initiate legal action to recover debts
  • If you are considering filing for bankruptcy as an individual or company
  • When you want to negotiate settlements with creditors or suppliers
  • If you need to protect your assets from seizure during insolvency proceedings
  • When you require guidance on compliance with Saudi bankruptcy laws
  • If you are a creditor harmed by a debtor's insolvency and you want to maximize recoveries
  • To represent you before bankruptcy courts and ensure your interests are protected
  • To understand the rights and obligations of shareholders, directors, or partners during insolvency
  • To assist in restructuring contracts, employment relationships, and ongoing business operations

Having a qualified legal advisor in these scenarios helps you navigate complex laws, avoid costly mistakes, and achieve the best possible outcome.

Local Laws Overview

The central legislation governing restructuring and insolvency in Riyadh is the Saudi Bankruptcy Law, enacted in 2018 and complemented by a range of implementing regulations. This law introduced several new procedures tailored to deal with a variety of financial challenges:

  • Preventive Settlement Procedure - Allows debtors to negotiate with creditors out of court, under supervision, to avoid full insolvency proceedings
  • Financial Restructuring Procedure - Enables a debtor in financial distress to propose and implement a restructuring plan with creditor approval
  • Liquidation Procedure - Oversees the fair distribution of a debtor's assets among creditors and winding up of the business
  • Administrative Liquidation Procedure - For small debtors, offering a simplified and expedited process

The Bankruptcy Law aims to balance the interests of creditors, debtors, and other stakeholders, and includes provisions for the court appointment of trustees and experts, as well as court supervision of all formal proceedings. The law applies to all companies, individuals, and non-Saudis operating in the Kingdom, with some exceptions for regulated entities like banks and insurance companies.

Public registers of bankruptcy cases have also been established, and the law covers strict penalties for malicious or fraudulent bankruptcy. Riyadh hosts bankruptcy courts with jurisdiction over these matters, providing specialized insight and administration.

Frequently Asked Questions

What is the main law governing restructuring and insolvency in Saudi Arabia?

The Saudi Bankruptcy Law is the main legislation that governs restructuring and insolvency, supported by related judicial regulations and procedures.

Who can initiate insolvency or restructuring procedures in Riyadh?

Both debtors and creditors can initiate insolvency or restructuring proceedings, depending on the financial situation and the outcome desired.

Does the Bankruptcy Law apply to individuals as well as companies?

Yes, the law covers both individuals and companies, including partnerships and certain non-Saudi entities operating in the country.

What is the difference between restructuring and liquidation?

Restructuring seeks to save and reorganize the business to enable it to fulfill obligations, while liquidation involves winding down operations and distributing assets to creditors.

Can a debtor continue business during restructuring?

In most cases, debtors are permitted to continue business operations under court supervision while restructuring plans are negotiated and implemented.

What protections are available to debtors after filing for bankruptcy?

Filing offers several protections, including a moratorium on enforcement actions and certain legal proceedings, giving debtors breathing space to negotiate with creditors.

How are creditors' rights protected under Saudi bankruptcy law?

The law ensures that creditors can participate in proceedings, vote on restructuring plans, and receive distributions in accordance with statutory priorities.

What are the penalties for fraudulent bankruptcy?

Serious penalties apply for actions intended to defraud creditors, including fines and potential imprisonment for directors or individuals involved.

Can foreign creditors participate in insolvency proceedings in Riyadh?

Yes, foreign creditors have rights to file claims and participate in Saudi insolvency proceedings, subject to compliance with local procedures.

What role does the court play in restructuring and insolvency matters?

Specialized bankruptcy courts in Riyadh oversee these matters, approve plans or settlements, appoint trustees, and ensure all proceedings follow the law.

Additional Resources

For anyone seeking further information or assistance with restructuring and insolvency in Riyadh, the following resources may be helpful:

  • Saudi Bankruptcy Commission - The main government body responsible for regulating bankruptcy procedures and maintaining public registers
  • Ministry of Commerce - Provides regulatory guidance, public notices, and access to relevant laws and forms
  • Board of Grievances (Administrative Courts) - Where bankruptcy courts are situated in Riyadh, handling hearings and judicial matters
  • Licensed Legal Consultants and Law Firms - Many offer specialized services in insolvency, restructuring, and corporate law
  • Commercial Chambers of Commerce in Riyadh - Offer guidance to business owners on dealing with financial distress

Next Steps

If you believe you or your business needs legal assistance with restructuring or insolvency in Riyadh:

  • Gather all documents relevant to your financial situation, such as contracts, financial statements, and creditor information
  • Consider your objectives, whether it's saving the business, negotiating debt, or managing liquidation
  • Seek out a qualified legal professional or law firm in Riyadh familiar with bankruptcy and restructuring law
  • Schedule an initial consultation to discuss your situation and possible legal strategies
  • Stay proactive, as acting early maximizes the chances for successful outcomes and protection of your interests

Navigating insolvency and restructuring can be complex, but with the right legal guidance, you can take informed steps toward resolving financial distress and moving forward.

Lawzana helps you find the best lawyers and law firms in Riyadh through a curated and pre-screened list of qualified legal professionals. Our platform offers rankings and detailed profiles of attorneys and law firms, allowing you to compare based on practice areas, including Restructuring & Insolvency, experience, and client feedback. Each profile includes a description of the firm's areas of practice, client reviews, team members and partners, year of establishment, spoken languages, office locations, contact information, social media presence, and any published articles or resources. Most firms on our platform speak English and are experienced in both local and international legal matters. Get a quote from top-rated law firms in Riyadh, Saudi Arabia - quickly, securely, and without unnecessary hassle.

Disclaimer:
The information provided on this page is for general informational purposes only and does not constitute legal advice. While we strive to ensure the accuracy and relevance of the content, legal information may change over time, and interpretations of the law can vary. You should always consult with a qualified legal professional for advice specific to your situation. We disclaim all liability for actions taken or not taken based on the content of this page. If you believe any information is incorrect or outdated, please contact us, and we will review and update it where appropriate.