The insolvency law deals with the inability of the debtor, if it is a natural person who does not qualify as a trader, to pay his debts due to his insolvency and reaching a state of default, which is known as the insolvency of the natural person.
The organization of this case is linked to the Civil Transactions Act, in accordance with a principle called “the view of the facilitator”, a principle that is rooted in Islamic jurisprudence, through which the debtor is given reasonable time or periods to carry out its obligation in accordance with the circumstances of that debtor, provided that such delay does not cause serious harm to the creditor. .
The existence of specialized rules governing the insolvency of a natural person is expected to increase transparency on civil debt repayment transactions, increase the general security of financial transactions, and thereby enhance financial stability in the country.
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