The new Bankruptcy Law
also expands the preventative composition procedure (PCP) and opportunity for rescue within a bankruptcy scenario, through the imposition of a moratorium on creditor action during the PCP.
At present, the law in the kingdom does not permit indebted comopanies to wind up their activities but with the introduction of the new bankruptcy law
the government plans to restructure the economy and make it more attractive to outside investors.
Following the enactment of the new Bankruptcy Law
, individuals, whether directors of a company or not, remain subject to the criminal liabilities imposed by Article 423 of Law No.
This procedure is every different from the provisions contained in the Old Bankruptcy Law
, which provided, among other things, that debtors could not apply for composition directly.
We will have to examine the pros and cons for an individual bankruptcy law
There have long been calls from senior figures in the financial sector for a bankruptcy law
due to numerous cases involving small business owners fleeing the country over unpaid debt and the fear of going to prison.
The proposed new rules address several key inefficiencies in the current resolution regime," he said in his report 'Banks-India: Bankruptcy Law
is Credit Positive for Indian Banks, but Challenges Remain'
The legal services contemplated include, but are not limited to, assisting the City Attorneys Office in providing advice and representation to LAWA in connection with bankruptcy law
ISLAMABAD -- Islamabad Chamber of Commerce & Industry (ICCI) has called upon the State Bank of Pakistan to urgently formulate a balanced bankruptcy law
to facilitate businesses to flourish.
However, the new special bankruptcy law
, which the Prime Minister Nikola Gruevski has recently heralded too, is expected to put a fast end to the decades-long bankruptcy proceedings of about 80 firms.
Summary: ABU DHABI - Younis Haji Al Khouri, the undersecretary of the Ministry of Finance, has said the Ministerial Council for Services had issued the decision, authorising the Ministry of Finance to study how best to implement the bankruptcy law
in line with the UAE strategy 2021.
According to the Enterprise Bankruptcy Law
of the Republic of Lithuania (hereinafter referred - Enterprise Bankruptcy Law
), bankruptcy proceedings shall be terminated when a settlement agreement is concluded and the court approves it (Article 27 of the Enterprise Bankruptcy Law
Designed to present basic legal theory alongside direct practical knowledge, this guide to bankruptcy law
for practicing paralegals provides information on common tasks associated with bankruptcy filing, negotiation and litigation.
to resolve complex nonbank financial firms in an orderly fashion.
Summary: DUBAI: The United Arab Emirates government has an initial draft for a new bankruptcy law
, an official at the Economy Ministry said, a move seen as simplifying existing legislation for lawyers and companies.