Egypt approves bankruptcy law to spur investment

A view of the High Court of Justice in Cairo. Egyptian cabinet approved on Wednesday the country’s first bankruptcy law. (Reuters)

The Egyptian cabinet approved on Wednesday the country’s first bankruptcy law, Justice Minister Hossam Abdelrahim said, part of an economic reform drive aimed at encouraging investment.

The law aims to minimize the need for companies or individuals to resort to the courts and will simplify post-bankruptcy procedures, Abdelrahim said, adding that the measure would also abolish imprisonment in cases of bankruptcy.

Until now, Egypt has had no specific law on bankruptcy, meaning failed companies have had to go to court on a case-by-case basis.

Egypt is in the process of passing a long-awaited investment law aimed at reviving the economy and attracting foreign investors.


 

SHOW MORE
Last Update: Wednesday, 20 May 2020 KSA 09:49 - GMT 06:49
Top