General and executive courts in the Kingdom received as many as 1,100 requests for bankruptcy in the last four years, according to sources in the Ministry of Justice.
The sources said this year alone 17 entities filed for bankruptcy and the cases were now under the consideration of the courts.
They said 68% of people who filed for bankruptcy were Saudi men and women while the rest of the requests were from citizens of 10 other countries — Yemen, Ethiopia, Sri Lanka, India, Egypt, Pakistan, the Philippines, Sudan, Syria and Lebanon.
The sources said the courts issued liquidation orders in a number of cases mainly related to the real estate sector. One such order was for the confiscation of a piece of land with an area of 4,500 square meters in south Jeddah in favour of one of two brothers.
According to the sources, the bankruptcy requests were filed in a number of cities and towns including Riyadh, Makkah, Jeddah, Madinah, Dammam, Jazan, Najran, Taif, Yanbu, Buraidah and others.
Source: Saudi Gazette