USING AND IMPROVING THE OFFICEHOLDER ROLE IN ENHANCING THE USE OF CORPORATE AND TRUST INSOLVENCY IN THE KINGDOM OF SAUDI ARABIA
| dc.contributor.advisor | Salerno, Matthew | |
| dc.contributor.author | Alhenaki, Abdulrahman | |
| dc.date.accessioned | 2024-12-08T10:12:16Z | |
| dc.date.issued | 2024-09-12 | |
| dc.description | This dissertation explores the main concepts of the new law and identifies opportunities and shortcomings in legal practices regarding insolvency for both trusts and corporations. It emphasizes the need for reform to enhance the effectiveness of insolvency processes in the country. The study includes a comparative analysis of the role of Officeholders in Saudi Arabia with bankruptcy trustees in Western countries to identify gaps and propose improvements. | |
| dc.description.abstract | The Kingdom of Saudi Arabia recently released a new bankruptcy law, showing its intent to enhance the effectiveness of insolvency procedures in the country. However, insolvency remains primarily reserved and designed for corporations, leaving trusts at the mercy of traditional bankruptcy methods. With the introduction of the new bankruptcy law and related bankruptcy commission, the Kingdom of Saudi Arabia benefits from the opportunity to use the Officeholder role to standardize, promote, and enhance the use of insolvency proceedings for both corporations and trusts. This dissertation defines the main concepts of the Kingdom of Saudi Arabia’s new bankruptcy law. The dissertation aims to identify the opportunities and lapses in legal practice revolving around the Kingdom of Saudi Arabia’s new insolvency laws for trusts and corporations that must be addressed to facilitate this transformation of Saudi insolvency. In pursuit of this objective, the dissertation highlights the background cultural and ideological foundations and the historical progress of bankruptcy law reforms before highlighting the promotion of the new advanced bankruptcy law per international standards. By focusing on businesses and trusts, this dissertation will highlight and address loopholes typically used to safeguard assets at the expense of beneficiaries and creditors. A comparative approach of the Officeholder’s role in the Kingdom of Saudi Arabia to the role, power, functions, duties, and appointment of bankruptcy trustees in Western models is applied to identify and address gaps in the Kingdom of Saudi Arabia's bankruptcy practices. The approach also provides the opportunity to further improve the Kingdom of Saudi Arabia’s insolvency laws by drawing from the critical role that trustees can play in guaranteeing the effective amalgamation and implementation of insolvency laws to bridge the trust divide between Saudi businesspersons and the government. This dissertation compares the Islamic early endowment model to the bankruptcy trustee model used in other countries. The analysis provides insight into the conceptualization of the Officeholder role under the Kingdom of Saudi Arabia’s bankruptcy law. The dissertation further compares the role of the Officeholder in the Kingdom of Saudi Arabia to the role of the trustee in other countries, such as the United States of America and the United Kingdom, to determine crucial developments and gaps. Accordingly, this dissertation constructs a comprehensive comparison of issues, substantive rights, and procedures from the perspective of rescue mechanisms and principles. This dissertation's findings will be applied to advance the Kingdom of Saudi Arabia’s new bankruptcy law in line with the Kingdom of Saudi Arabia’s objectives under its Vision 2030. | |
| dc.format.extent | 113 | |
| dc.identifier.citation | Abdi, Mohammad, Issues, and Challenges of Waqf Practice in Malaysia: A Review, Labuan Journal of Society, 14 (2020): 80-86. Alexander, Peter, A Proposal to Abolish the Office of United States Trustee. Michigan Law Reform Journal, no. 30 (2006): 1-43. Alhabeth, Hamza, Corporate Rescue Culture in Saudi Arabia and Egypt: A Comparative Review of New Bankruptcy Laws, International Journal of Criminal Justice Science, 16, no. 2 (2021): 103-119. Al-Nemer, H., Strengthening Governance of Waqf in the Kingdom of Saudi Arabia: Status, Obstacles, and Institutional Transformation. Archives of Business Research, vol. 10, no. 5 (2022): 1-14. Alssadi, Abdulrahman, Waqf Company: Concept, Rulings and the Practice in the Kingdom of Saudi Arabia, Journal of Economic Cooperation and Development, 41, no. 4 (2020): 161-189. American Bankruptcy Institute, A Very Brief History of Bankruptcy and Debt in the West, ABI. https://www.abi.org/feed-item/a-very-brief-history-of-bankruptcy-and-debt-in-the-west. Argaam. ‘Saudi Cable Says Court Rejects Extending Period for FRP Proposal Submission,’ Argaam, 27 March 2024. https://www.argaam.com/en/article/articledetail/id/1715899. Awad, Abed and Robert Michael, Iftas and Chapter 11: Classical Islamic Law and Modern Bankruptcy, The International Lawyer, 44, no. 975 (2010): 975-1002. Bankruptcy Commission, “The Officeholder Role and Level of Qualifications Expected,” Bankruptcy Commission, 2023. https://bankruptcy.gov.sa/en/KnowledgeCenter/FAQ/Pages/trustee.aspx. Bankruptcy Commission, “Training and Qualifications,” Bankruptcy Commission, 2023. https://bankruptcy.gov.sa/en/Training/Overview/Pages/QualificationPG.aspx. Battiston, Stefano, Domenico Delli, Mauro Gallegati, Bruce Greenwald, and Joseph Stiglitz, Credit Chains and Bankruptcy Propagation in Production Networks, Journal of Economic Dynamics and Control, 31, no. 6 (2007): 2061-2084. Commonwealth Treasury. Clarifying the Treatment of Trusts Under Insolvency Law. Law Council of Australia (2021). Congressional Research Service. Bankruptcy Basics: A Primer. CRS Reports, no. 5137 (2022): 1-36. Courts and Tribunals Judiciary, History of Bankruptcy Law, Courts and Tribunals Judiciary, 2023. https://www.judiciary.uk/courts-and-tribunals/business-and-property-courts/business-list-general-chancery/insolvency-and-companies-list/history/. Dario, Najm, Commentary on the Saudi Arabian Bankruptcy Law, BSA Ahmad Bin Hezeem & Associates LLP (2018). https://www.bsabh.com/wpcontent/uploads/2018/07/Commentary_on_the_Saudi_Arabian_Bankruptcy_Law_Dario-Najm.pdf. Davey, Tom, “Competing Interests Pose Challenges for Insolvency Practitioners,” Bloomberg Tax, 2023. https://news.bloombergtax.com/daily-tax-report-state/competing-interests-pose-challenges-for-insolvency-practitioners. Dey, Kirton, and Al-Abbas: The Saudi Bankruptcy Law: A Seismic Shift, White & Case, 3 March 2021. https://www.whitecase.com/insight-alert/saudi-bankruptcy-law-seismic-shift. Duncan, Andrew & Dean Driskell, Overview of the New Saudi Arabia Bankruptcy Law, 9, Insight Journal, no. 79 (2020), 1-12. Elshurafa, Dina, Insolvency Laws in Saudi Arabia: Time for Change? International Corporate Rescue, 9, no. 5 (2012). https://www.chasecambria.com/site/journal/article.php?id=661. Fahad, Alarifi. The Bankruptcy Law of Saudi Arabia: Policy, Operation, and Comparison. PSU Research Review, no. 2399 (2021): 1-6. Fiorillo, Steve, What is Bankruptcy? Different Types & Why People File, TheStreet (2023). https://www.thestreet.com/dictionary/b/bankruptcy. General Authority for Awqaf. Law of the General Authority of Endowments. https://www.awqaf.gov.sa/sites/default/files/2021-06/Law%20of%20the%20General%20Authority%20of%20Endowments.pdf. Golden, Steven, In Art We Trust: The Intersection of Trust and Bankruptcy Law in Detroit, Texas Law Review, vol. 48, no. 313 (2016): 314-336. Government of Saudi Arabia. Bankruptcy Law: Chapter One General Provisions. GOV.SA United National Platform, 2023. https://bankruptcy.gov.sa/en/BankruptcyLaw/StatutoryDocuments/Documents/Bankruptcy%20Law.pdf. Government of Saudi Arabia. Vision 2030: Our Vision. GOV.SA United National Platform, 2023. https://www.my.gov.sa/wps/portal/snp/content/saudivision/?lang=en. Gray, Leonard. A Guide to Trustees Powers and Duties. Gray LLP (2023). Gustafson, Johanna. Single Case Studies vs. Multiple Case Studies: A Comparative Study. Halmstad School of Business, paper no. 3317 (2017): 1-15. Hernandez, Alexandria. Consumer Bankruptcy Law: A Practical Guide for Students and Professionals. Taylor & Francis, 2022. History of Bankruptcy Law, Courts and Tribunals Judiciary, 2023. https://www.judiciary.uk/courts-and-tribunals/business-and-property-courts/business-list-general-chancery/insolvency-and-companies-list/history/. Hussain, Munawar: The Manager of Waqf, Kashmir University Law Review, 17, no. 15 (2010): 1-25. Kessler, Daniel, Insolvency Law Made Clear: A Guide for Debtors, Bath Publishing, 2021. Kuran, Timur, "The Absence of the Corporation in Islamic Law: Origins and Persistence," The American Journal of Comparative Law 53, no. 4 (2005): 885-834. Law Explorer, Trustees' Appointment and Removal: Trustees' Fiduciary Duties, Business Law, 2015. https://lawexplores.com/trustees-appointment-and-removal-trustees-fiduciary-duties/. Levinthal, Louis Edward, The Early History of Bankruptcy Law, University of Pennsylvania Law Review, 166, 3 (1918): 231-24. Lewinski, Alisson, Ruth Anderson, Allison Von, and Constance Johnson. Developing Methods that Facilitate Coding and Analysis of Synchronous Conversations with Virtual Environments, International Journal on Qualitative Methods, 10, no. 18 (2019): 1-25. Lexis Nexis, “Removal and Replacement of the Officeholder-Overview,” LexisNexis, 2023. https://www.lexisnexis.com/uk/lexispsl/restructuringandinsolvency/document/393781/5JGF-0W71-F18C-C552-0000000/Removal_and_replacement_of_the_office_holder_overview#. Lowenthal, Daniel, and Kimberley Black. “An Update on the Ongoing Fight Over the United States Trustee’s Fees.” Patterson Belknap, 28 September 2023. https://www.pbwt.com/bankruptcy-update-blog/an-update-on-the-ongoing-fight-over-the-united-states-trustees-fees. Mani, Rajiv, Mediation in Insolvency Matters, Insolvency and Bankruptcy Board of India, 297-306. Marrelli, Anne, Collecting Data Through Case Studies, Performance Improvement, 46, no. 7 (2007): 39-44. McCurdy, David and George Fitchett, “Ethical Issues in Case Study Publication: Making Cases Ethically,” Journal of Healthcare Chaplain, 17, no. 2 (2011): 55-74. Meyer, Robert, “Bankruptcy and Trusts: Consumer Corner,” ABI Journal, no. 3 (2021): 51-55. Nelson, Grahame and Mohammed Negm, The New Saudi Arabian Bankruptcy Law, Al Tamimi & Co, 2019. file:///C:/Users/user/Downloads/The%20New%20Saudi%20Arabian%20Bankruptcy%20Law.pdf. Office of the Superintendent of Bankruptcy, Promotion of Awareness of New Trustee Designation, Office of the Superintendent of Bankruptcy, 2017. https://ised-isde.canada.ca/site/office-superintendent-bankruptcy/en/licensed-insolvency-trustees/notices-trustees-canada-revenue-agency/promotion-awareness-new-trustee-designation. Pottow, John, Fiduciary Principles in Bankruptcy and Insolvency, Bankruptcy Law Commons University of Michigan Law, 194 (2019): 205-228. Priya, Arya, Case Study Methodology of Qualitative Research: Key Attributes and Navigating the Conundrums in its Application, Sociological Bulletin, 70, no. 1 (2020): 94-110. Prusak, Blazej, “Review of Research into Enterprise Bankruptcy Prediction in Selected Central and Eastern European Countries,” International Journal of Financial Studies, 6, no. 3 (2018): 60. Rainey, Michael and Nabil Issa, “Financing During Saudi Financial Restructuring Proceedings,” King & Spalding, 2022. https://www.kslaw.com/news-and-insights/financing-during-saudi-financial-restructuring-proceedings. Rashad, Marwa, and Davide Barbuscia, Exclusive: Saad Group Seeks Debt Resolution Under Saudi Bankruptcy Law, Reuters, 2019. https://www.reuters.com/article/us-saudi-debt-restructuring- exclusive/exclusive-saad-group-seeks-debt-resolution-under-saudi-bankruptcy-law-sources-idUSKCN1Q71HV. Regan, James. On the Proposed Amendments to the Egyptian Commercial Code of 1883. United States Agency for International Development, 1998. https://pdf.usaid.gov/pdf_docs/PNACE495.pdf. Robinson, Thomas, Daniel Scott and Daniel Petrides, Challenging Officeholder Decisions After Baglan Operations Limited 2022, Thought Leaders for Fire Magazine, no. 10 (2022): 1-3. Rose, Andrew and Tomasz Wieladek, Financial Protectionism? First Evidence, The Journal of Finance, 69, 5 (2014): 2127-2149. Ruser, Rachael, Analysis of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA), Spna Review, 2, 1 (2006): 86-105. Salama, Bankruptcy Preventive Settlement in Saudi Law, Public Administration Journal, 7, (1997), 1-11. Saleem, Muhammad, Yusuf, Mutawalli Institutions for the Management of Waqf Properties, Malayan Law Journal Article, 4, no. 10 (2010): 1-6. Schoenblum, Jeffrey, "The Role of Legal Doctrine in the Decline of the Islamic Waqf: A Comparison with the Trust, "Vanderbilt Journal of Transnational Law, 32, no. 4 (1999): 1191-1230. Simon, Lindsey, The Guardian Trustee in Bankruptcy Courts and Beyond, North Carolina Law Review 89 no. 6 (2020): 1298-1347. Sinkovics, N. Pattern Matching in Qualitative Analysis. In Cassell, Culiffe, and Grandy's 'The SAGE Handbook of Qualitative Business and Management Research Methods and Challenges.' SAGE Publications (2018): 468-484. Stettinius, Taft. The History and Origins of Bankruptcy. Lexology, 2020. https://www.lexology.com/library/detail.aspx?g=6e2478f5-485d-4cbb-8fa7-536fde59c581. Stewarts Litigate, “Document-Sharing Dilemmas for Officeholders in Insolvency Cases,” Stewarts, 2022. https://www.stewartslaw.com/news/document-sharing-dilemmas-for-office-holders-in-insolvency-cases/. UK Gov. About the US: Public Trustee. https://www.gov.uk/government/organisations/official-solicitor-and-public-trustee/about. UK Gov. Tenancy Agreements: A Guide for Landlords. https://www.gov.uk/tenancy-agreements-a-guide-for-landlords/if-your-tenant-dies-without-an-executor-or-a-will. US Department of Justice. About the United States Trustee Program. US Trustee Program. https://www.justice.gov/ust/about-program. Van Zweiten, Kristin. Mid-Crisis Restructuring Law Reform in the United Kingdom. European Business Organization Law Review, 24, no. 2 (2023): 287-315. Wahab, Imran, “Mutawalli Under Muslim Law, E-Journal,” Legal Services India, 2021. https://www.legalserviceindia.com/legal/article-14230-mutawalli-under-muslim-law.html. Wood, John, Insolvency Officeholder Discretion and Judicial Intervention in Commercial Decisions, Journal of Business Law, 6, no. 21 (2020): 451-475. Yin, Robert. Applications of Case Study Research [3rd Ed]. Cosmos Corporation, 2012. Zada, Najeeb and Muhammad Yusuf, Towards a Corporate Model of Islamic Law of Insolvency: A Note on Voluntary Insolvency, International Journal of Islamic Finance, 7, no. 2 (2015): 137-145. | |
| dc.identifier.uri | https://hdl.handle.net/20.500.14154/74062 | |
| dc.language.iso | en_US | |
| dc.publisher | Case Western Reserve University | |
| dc.subject | Bankruptcy Law | |
| dc.subject | Trustee | |
| dc.subject | Trusts | |
| dc.subject | Insolvency | |
| dc.subject | Officeholder | |
| dc.title | USING AND IMPROVING THE OFFICEHOLDER ROLE IN ENHANCING THE USE OF CORPORATE AND TRUST INSOLVENCY IN THE KINGDOM OF SAUDI ARABIA | |
| dc.type | Thesis | |
| sdl.degree.department | School of Law | |
| sdl.degree.discipline | Bankruptcy Law | |
| sdl.degree.grantor | Case Western Reserve University | |
| sdl.degree.name | Doctor of Juridical Science SJD |