Oman to Introduce Bankruptcy and Insolvency Law In July 2020

Oman’s Ministry of Commerce and Industry (MoCI) said that the Sultanate’s bankruptcy and insolvency law will come into effect from July 2020 and it will help companies to get out of the financial turmoil after paying debts and reconciling with creditors as per a restructuring plan, Islamic Business and Finance reported. Mohamad bin Rashid al Badi, the acting Director of Legal Department in the Ministry of Commerce said that a debtor who would have stopped paying their debts can apply to the Audit and Control of Commercial Establishments Department to request restructuring provided that the debtor continues his business during the two years preceding the filing of the application and that no final judgement has been issued against him to declare bankruptcy. Read more