Saudi Arabia Takes Steps to Legalize Bankruptcy

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Reuters is reporting that Saudi Arabia is now legalizing bankruptcy in order to make it more attractive to investors.

The financial crisis of 2009 left Saudi Arabia companies scrambling for a way to restructure debts with creditors. Two companies alone defaulted in $22 billion in bank loans.

This is just another step by the government of Saudi Arabia in progressing with their laws and departure from their cultural norms.

The rest of the article on Reuters can be seen here.

Attorney Alex Hernandez

Representing clients in the areas of Chapter 7 Bankruptcy, Family Law/Divorce, and car and motorcycle accidents for 20 years. (904) 712-5565 or (305)-688-LAWS (5297). *Se Habla Español

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