Egypt Parliament Preliminarily Approves Country's First Bankruptcy LawSource: www.export-egypt.com 1/9/2018, Location: Africa |
|
|
|
|
|
The Egyptian parliament’s General Assembly gave preliminary approval to a law governing debt restructuring, preventive composition and bankruptcy, MP Haitham El-Hariri.
The law is expected to improve Egypt’s ranking in the World Bank’s Doing Business report, Investment and International Cooperation Minister Sahar Nasr told MPs . The legislation guarantees protection for financially struggling investors, allowing debtors to file for bankruptcy. Without a law to govern it, insolvency cases had previously been evaluated by the courts, with businessmen facing prison for not paying their debts. The new law would put in place a mediating system to avoid referring cases to criminal proceedings. The law also simplifies procedures and guarantees safe exit for companies that go bankrupt, with a possibility for integrating businesses back into the market through debt restructuring. It also protects creditors by guaranteeing they are paid their dues. The bankruptcy law complements the investment law, which was promulgated by the president in June to attract foreign investors and cut down on bureaucracy. The law was approved by the cabinet in January 2017 under former Investment Minister Dalia Khorshid, and awaits final approval by MPs before being ratified by the president. Egypt ranks number 115 in the Resolving Insolvency index in the Doing Business 2018 report, the lowest rank being 168. Egypt dropped six places in the World Bank Doing Business report 2018 to 128 out of 190, down from 122 in the 2017 report, according to the latest report issued in November. |
|
|
Financials and Investment News in Egypt >> |
 |
|||||
|
Egypt >> 9/19/2024 - Egypt is having a special participation at the IFTM-Top Resa exhibition, which lasts until Sept.19 in Paris.
Egypt’s pavilion has more than... |
Egypt >> 9/18/2024 - On his first visit around the region since his appointment, Jalel Trabelsi, the Special Envoy of the African Development Bank (AfDB), praised Egypt's ...
|
|
Egypt >> 9/18/2024 - On his first visit around the region since his appointment, Jalel Trabelsi, the Special Envoy of the African Development Bank (AfDB), praised Egypt's ...
|
Egypt >> 9/18/2024 - Benchmark index EGX 30 was up 0.61 percent to 30,342.46 points, with the Shariah index climbing by 0.20 percent to reach 2,879.64 points.
E... |
|
Egypt >> 9/18/2024 - The British company Globeleq is set to collaborate with the Egyptian government in establishing a substantial project for green hydrogen production, a...
|
Egypt >> 9/18/2024 - Deputy Prime Minister and Minister of Health and Population Khaled Abdel Ghaffar asserted the importance of cooperating with South Africa in the field...
|
| Egypt Oil & Gas 1 >> 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 | 33 | 34 | 35 | 36 | 37 | 38 | 39 | 40 | 41 | 42 | 43 | 44 | 45 | 46 | 47 | 48 | 49 | 50 | 51 | 52 | 53 | 54 | 55 | 56 | 57 | 58 | 59 | 60 | 61 | 62 | 63 | 64 | 65 | 66 | 67 | 68 | 69 | 70 | 71 | 72 | 73 | 74 | 75 | 76 | 77 | 78 | 79 | 80 | 81 | 82 | 83 | 84 | 85 | 86 | 87 | 88 | 89 | |
