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2. General Provisions

No: 42066419 Date(g): 1/5/2021 | Date(h): 20/9/1442 Status: In-Force

Effective from 2021-05-01 - Apr 30 2021
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2.1These 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.
2.2These instructions do not affect the provisions of the Law and Regulation, as well as other related regulations and instructions, including but not limited to the following:
  
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Rules and Guide for Managing Potentially Troubled Loans, communicated by Central Bank Circular No. (41033343) dated 11/05/1441 AH.
  
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Rules for Bank Accounts, communicated by Central Bank Circular No. (65681/67) dated 01/11/1440 AH.
  
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Regulations for Bankruptcy Procedures in Commercial Courts, issued by Minister of Justice Decision No. (6421) dated 21/03/1441 AH.
  
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Central Bank Circular No. (42025830) dated 21/04/1442 AH, 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.
  
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Central Bank Circular No. (42016471) dated 16/03/1442 AH, concerning the importance of adhering to regulations related to the business environment and credit transactions.