Bankruptcy law to be implemented in Oman

Muscat: The bankruptcy law will be implemented in Oman starting from Tuesday, 7th July, to boost the business environment.

A statement issued online by Oman News Agency (ONA) said, ”The bankruptcy law issued by Royal Decree No. 53/2019, will be implemented from Tuesday, 7th July 2020.”

The law aims to create a legislative and legal framework that enhances the business environment by restructuring the procedures that enable the merchant to move beyond the debt stage, and helping him to resume economic activity,” the statement added.

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