Oman New Bankruptcy Regulation

OMAN NEW BANKRUPTCY REGULATION UNDER CONSIDERATION

Introduction

Bankruptcy is one of the most serious and tough situations a business can experience, and this difficulty extends and affects more than those in charge. All those who hold a stake in the entity will feel some repercussions. It is therefore vital that the law helps to sort out the situation by providing more clear instruction concerning what the requirements from the business.

Oman is one of the crucial GCC nations and has a significant economy in the region. There are a considerable number of expats in the country and also a substantial amount of businesses across various industries. As such, the concept of bankruptcy and legislation relating to it are of utmost importance.

There has recently come under consideration, a new bankruptcy regulation which looks to improve the processes and steps that are taken following a bankruptcy, and the overview of the potential amendments are as follows.

Bankruptcy Regulation

The principal goal of the regulation is to protect employees who, at present, are at higher risk of not receiving their salaries in the case of bankruptcy. The law would make it so that the assets of the company...

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