"Legal Protection of Debtor's Activity When the Creditors Do Not Accept the Proposal of Financial Restructuring Procedure".

This study primarily aims to elucidate the of legal protection for the debtor's activity when creditors don't Accept the Proposal of Financial Restructuring Procedure, utilizing the analytical approach as a primary approach, Through scrutinizing and analysing the Saudi bankruptcy law provisions law related to creditors' voting on the proposal of Financial Restructuring Procedure, and presenting judicial applications that encompass the study problem to arrive at a clearer legal conception of the problem causes and its ensuing effects, the comparative approach was utilized as much as the study required by demonstrating the legal position of the Jordanian insolvency law, the UAE bankruptcy law, and the Bahraini reorganization and bankruptcy law, concerning the study issue. Consequently, the main question revolved around: What legal protection does the bankruptcy law provide for the debtor's activity subject to financial restructuring procedure when creditors do not accept the proposal? To address that, the study was divided into two sections. The first section discussed the nature of financial restructuring procedure and its proposal, while the second section addressed voting on the financial restructuring procedure proposal and its outcomes by presenting judicial applications. The study yields with several findings, Notably, the bankruptcy law does not ensure legal protection for a debtor acting in good faith in case of creditors rejecting a proposal that meets fairness standards and is implementable. As a result, the court refuses to ratify the proposal, thereby terminating the financial restructuring procedure. Moreover, the study yields various recommendations, the most important of which are: advising the Saudi legislator to consider enabling the well-intentioned debtor to set a new voting date if creditors reject the proposal to attain the quorum of Creditors' Voting, by adding articles allowing proposal amendments for a re-voting, after the trustee prepare a report indicating his opinion on the feasibility of amending the proposal. [ABSTRACT FROM AUTHOR]