Kuwait Parliament Passes Insolvency Law to Help Attract Business

Kuwait’s parliament passed a long-awaited insolvency law on Tuesday to help attract investment and commerce, Bloomberg Law reported. The absence of insolvency protection has been cited as a significant deterrent to foreign investment. The new law restructures the legal framework for bankruptcy to focus on rehabilitating troubled companies rather than liquidation. A bankrupt entity “is not a criminal” and this law accelerates the process of being declared bankrupt and allowing legal steps to begin, Minister of Commerce Khaled Al-Roudhan said after the bill’s approval and before news broke of the death of the country’s emir. Read more