The application of Bankruptcy Law, promulgated under Royal Decree No. 53/2019, will take effect from this Tuesday, as per the provision of Article (4) of the same decree.

                 The Bankruptcy Law aims to find a legal framework that enhances business climate through the restructuring of economic activity. This pertains to branches and agencies of foreign firms in the Sultanate. The law sets out a number of procedures, notably the legalization of statutes regulating bankruptcy in a manner that responds to complications facing business persons.