Bankruptcy and Insolvency Law to boost investments


The draft law on Bankruptcy and Insolvency came up for discussion at the 10th regular session of the State Council on Tuesday.
The law aims to bring a legislative framework to provide a positive environment to attract investments in the Sultanate.
At the outset, Dr Yahya bin Mahfoudh al Mantheri, Chairman of the Council, welcomed the ministers and members of the council to the session.
He hoped that the current session will come out with positive results, and also prayed for the progress of the country under the wise leadership of His Majesty Sultan Qaboos.
Shaikh Mohammed bin Abdullah al Harthy, Head of the Economic Committee of the Council, presented the committee’s statement on the draft law on Bankruptcy and Insolvency.
The draft law, he explained, contains 242 articles, divided into four chapters: restructuring, reconciliation, bankruptcy, conditions and procedures for the sale and distribution of assets, final provisions, rehabilitation and penalties.
In addition, it includes the introductory section dealing with definitions and general provisions.
Shaikh Al Harthy said that the Economic Committee had referred the report to the Legal Committee of the Council, which had reviewed it.
In addition, the Economic Committee had held a joint meeting with the Legal Committee to re-discuss the views in detail and jointly agreed on final drafting of all articles.
Meanwhile, the 11th session will discuss the draft law on Foreign Capital Investment referred by the Council of Ministers. The 12th regular session on Thursday will focus on the draft law on Public-Private Partnership. In addition, it will also discuss the Draft Law on Privatisation.
The session will also have a discussion on the letters received from the committees and the secretariat’s report on the work of the Council.