Omani Citizen Takes Initiative to Release 30 Insolvent Debtors

For the 10th year in a row, an Omani citizen took the initiative to release all 30 insolvent debtors detained by court order in A’Dhahirah Governorate, the Times of Oman reported. His offer applies to those who meet the conditions of the “Fak-Kurba” Initiative (Relief from Distress Initiative). The same citizen vowed to pursue his initiative during the rest of the holy month of Ramadan by securing the release of any new cases of insolvent debtors.
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Commentary: Oman's Bankruptcy Law Boosts Investors’ Confidence

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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