Sunday, 20 Oct 2019 | 21 Safar 1441
Draft Law of Bankruptcy and Insolvency discussed

Draft Law of Bankruptcy and Insolvency discussed

It was also advised by the Council of Ministers, along with the report of the Economic Committee of the council.

The session, chaired by H E Dr Yahya bin Mahfoudh al Mantheri, was held in the presence of the honorable council members and its secretary common.

H E Dr Mantheri welcomed the members and hoped that the session would provide optimistic outcome. Following this, he referred the agenda and stated that the session would concentrate on discussing the Draft law of Bankruptcy and Insolvency.

He added that the 11th session would go over the Draft Law of Foreign Capital Investment forwarded by the Council of Ministers and the report of the Economic Committee on it.

The 12th typical session will concentrate on the Draft Law of Public-Private Partnership, forwarded by the Council of Ministers and the report of the Economic Committee on it. In addition, it will go over the Draft Law on Privatisation, forwarded by the Council of Ministers and the report of the Economic Committee on it.

In addition, it would go over the letters received from the council committees and the secretariat report on the function of the council.

Hon Sheikh Mohammed bin Abdullah al Harthy, head of the Economic Committee of the council, presented the committee’s statement on the draft law.

He explained that it contained 242 articles, divided into 4 chapters: restructuring, reconciliation, bankruptcy, situations and procedures for the sale and distribution of assets, final provisions, rehabilitation and penalties. In addition, it consists of the introductory section dealing with definitions and common provisions.

Information Source: Muscat Daily

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