EGYPT, PARLIAMENT PASSES BANKRUPTCY LAW
Egyptian Parliament has passed the country’s first bankruptcy law that is to regulate companies’ financial and administrative restructuring and bankruptcy cases.
The new law aims to minimize the need for companies or individuals to resort to courts and simplifies post- bankruptcy procedures. It will also abolish imprisonment in cases of bankruptcy.
Difficulty in exiting the Egyptian market had be a concern among investors, a reason which lowered the country’s ranking on the World Bank’s Doing Business Index.