Muscat, May 28 – Majlis Ash’shura approved the Economic and Financial Committee’s report regarding the Bankruptcy and Insolvency Bill and referred it to the State Council. Majlis Ash’shura held its 14th ordinary session of the 4th annual sitting of the 8th term under the chairmanship of Khalid bin Hilal al Maawali, on Tuesday. The meeting was attended by Shaikh Ali bin Nasser al Mahrouqi, Secretary-General of Majlis Ash’shura and the council members.
Abu Bakr bin Sulaiman Ba Omar, Rapporteur of the Economic and Financial Committee read out the articles of the Bankruptcy and Insolvency Bill. The bill was then put up for discussion by the members who raise a number of observations and proposals for amendments with regard to some terms. Some members suggested adding some items and others requested explanations for the articles which are included in the text referred by the government and were discussed during the session and comparing them with the visions of the specialized committees which studied the bill based on the Economic and Financial Committee’s report.
Also discussed at the session were the procedures for requesting preventive reconciliation and the required mechanisms for taking protective measures on the insolvent’s money as well as the aspects relating to the declaration of bankruptcy and its effect on the creditors and the other parties.
It is worth noting that the Bankruptcy and Insolvency Bill referred by the Majlis Ash’shura by the Council of Ministers contains 242 articles apart from the articles that were added by the Majlis Ash’shura.