2. General Provisions
| No: 42066419 | Date(g): 1/5/2021 | Date(h): 20/9/1442 | Status: In-Force |
Translated Document
| 2.1 | These instructions aim to clarify the obligations of banks and financial institutions according to the provisions of the Law and Regulation, as well as to facilitate banking transactions related to bankruptcy procedures. | ||
| 2.2 | These instructions do not affect the provisions of the Law and Regulation, as well as other related regulations and instructions, including- For example but not limited to- the following: | ||
| Rules on Management of Problem Loans, issued by SAMA Circular No. (41033343) dated 11/05/1441 H. | |||
| Rules for Bank Accounts, issued by SAMA Circular No. (65681/67) dated 01/11/1440 H. | |||
| Regulations for Bankruptcy Procedures in Commercial Courts, issued by Minister of Justice Decision No. (6421) dated 21/03/1441 H. | |||
| SAMA Circular No. (42025830) dated 21/04/1442 H, concerning the affirmation not to refuse to confiscate a bank guarantee letter due to the commencement of bankruptcy proceedings and the suspension of claims against the client who issued the guarantee letter. | |||
| SAMA Circular No. (42016471) dated 16/03/1442 H, concerning the importance of adhering to the regulations related to the commercial environment and credit transactions. | |||