Bankruptcy Law of Saudi Arabia

Bankruptcy Debts: Debts proven to be owed by the debtor at the date of initiation of any of the liquidation procedures stipulated in this Law, or arising from contracts or liabilities prior to the date of initiation of any of such procedures, including debts of a natural persondebtor arising from commercial or professional activities, any activity aiming to generate profit, or other debts.

Bankruptcy petition and key definitions

Article I, Section 8, of the United States Constitution authorizes Congress to enact "uniform Laws on the subject of Bankruptcies." Under this grant of authority, Congress enacted the "Bankruptcy Code" in 1978. The Bankruptcy Code, which is codified as title 11 of the United States Code, has been amended several times since its enactment. It is the uniform federal law that governs all bankruptcy cases.