Comparison of Liquidation Petition and Administrative Liquidation in Saudi and UK Insolvency Law

What is it about?

This article focuses on Islamic responses to financial difficulty and explores the ways in which Sharia principles impact insolvency proceedings. It emphasises critical bankruptcy elements, including the Distraint Order and the Receiver's function in administering the debtor's estate. The discourse encompasses Sharia-compliant asset management and creditor-debtor relations. A review of creditors' rights and claim prioritization in Islamic insolvency processes emphasizes fairness and justice—core tenets of Islamic law. The paper also explores the impact of these practices on stakeholders, revealing the challenges and opportunities of integrating Islamic legal principles into insolvency law.

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Photo by Melinda Gimpel on Unsplash

Photo by Melinda Gimpel on Unsplash