By: Aseel bin Taleb

Riyadh – Mubasher: The Ministry of Trade and Industry is working on launching a system for bankruptcy and another for non-profitable companies, said trade minister Tawfiq Al-Rabiah on Tuesday.

Speaking at the Euromoney Conference which commenced in Riyadh today, the minister revealed that the Ministry of Trade began examining the bankruptcy system three years back.

We will present it before the supreme authorities within the next 7 weeks, Al-Rabiah revealed.

The ministry also announced the application of a new corporate law starting 2 May, which aims to boost the value of companies, develop their operations, reduce the cost of procedures and encourage commercial initiatives.

Translated by: Nada Adel Sobhi