Egypt's parliament has passed the country's first bankruptcy law, the investment ministry said in a statement on Sunday.
Part of an economic reform drive aimed at encouraging investment, the new law aims to minimise the need for companies or individuals to resort to the courts and to simplify post-bankruptcy procedures. It will also abolish imprisonment in cases of bankruptcy.
Egypt's economy has been struggling since a popular uprising in 2011, which overthrew veteran leader Hosni Mubarak and drove away tourists and foreign investors, important sources of hard currency.
(Reporting by Nashat Hamdy and Ehab farouk; Writing by Amina Ismail; Editing by Catherine Evans) ((amina.ismail@thomsonreuters.com; +20 2 2394 8114;))
Part of an economic reform drive aimed at encouraging investment, the new law aims to minimise the need for companies or individuals to resort to the courts and to simplify post-bankruptcy procedures. It will also abolish imprisonment in cases of bankruptcy.
Egypt's economy has been struggling since a popular uprising in 2011, which overthrew veteran leader Hosni Mubarak and drove away tourists and foreign investors, important sources of hard currency.
(Reporting by Nashat Hamdy and Ehab farouk; Writing by Amina Ismail; Editing by Catherine Evans) ((amina.ismail@thomsonreuters.com; +20 2 2394 8114;))
