The Bankruptcy Strategist

Bankruptcy Reform in Saudi Arabia
Bridging Islamic Law and Modern Bankruptcy?

By Patrick Venter and James H.M. Sprayregen

In 2012, U.S. bankruptcy proceedings were for the first time used to restructure a shari'ah-compliant Middle Eastern business. Arcapita, a Bahranian private equity and investment firm, was referred to by some analysts as the first true post–financial-crisis Arabian company to undergo debt restructuring. Post-Arcapita, the risk remains that future shari'ah-compliant companies will not find similar court approval, or will not have the U.S.-based assets needed to pave an avenue into U.S. bankruptcy courts.

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