Bahrain to introduce new laws to help companies facing bankruptcy

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Manama: New laws to help companies facing bankruptcy, and help spur economic growth, are on the way.

A key bill of law on financial reorganisation and such insolvent companies was yesterday endorsed.

Chaired by His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa, the Cabinet approved draft legislation and referred it to the legislative branch.

His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince, Deputy Supreme Commander and First Deputy Premier, attended.

The executive committee, chaired by the Crown Prince, recommended the draft law.

It will upgrade bankruptcy procedures and allow the establishment of a new system of financial reorganisation of commercial companies, except firms which fall under the authority of the Central Bank of Bahrain.

“The draft legislation would also help insolvent and bankrupt companies to regulate their situation and preserve all parties’ rights,” said Cabinet secretary general Dr Yasser Al Nasser.

- The Premier gave directives to carry out 14 development, service and tourism projects in the Southern Governorate. He directed the ministerial committee for urbanisation and infrastructure to conduct feasibility studies for 11 development projects. He ordered work on a pilot girls’ primary, intermediate and secondary school, Zallaq youth centre and the revamping of Isa Town Traditional Market to be fast-tracked.

- Feasibility studies will be conducted on constructing a health centre for Khalifa Town residents, revamping Riffa market and Hunainiya park and upgrading Avenue 96.

The study will also include the revamping of Boukawara Garden, the construction of a majlis for citizens at Al Dur and the development of Askar stadium, in addition to equipping Riffa market with security surveillance cameras.

- The Premier congratulated winners in the Bahrain Chamber of Commerce and Industry board elections.