In the Sultanate of Oman, bankruptcy is considered pivotal for consolidating market competitiveness and ensuring a fair investment climate in line with the objectives of Oman Vision 2040, according to a commentary in the Times of Oman reported. In 2019, Oman issued the Bankruptcy Law under Royal Decree No. 53/2019, which came into effect in July 2020. The law aims to enhance the business environment by providing legal protection for debtors and creditors, regulating bankruptcy procedures transparently, and allowing distressed companies to restructure instead of liquidating.
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