Egyptian Restructuring, Preventive Composition, and Bankruptcy Law
Type
Legislative Insight
Date
5 Apr 2019
Jurisdiction
Egypt
Taxonomy
Lending & Security, General Commercial Law, Bankruptcy
Copyright
LexisNexis
Legal reference
Egypt Law No. 17/1999, Egypt Law No. 120/2008, Egypt Law No. 11/2018
Egypt Law No 11/2018 on Restructuring, Preventive Composition and Bankruptcy was issued to bring about new regulation on the financial difficulties those commercial enterprises, operating in Egypt, face. The fifth chapter of the Commerce Law promulgated by Egypt Law No 17/1999, which deals with the regulation of bankruptcy and protection from it, was revoked.
Introducing Egypt Law No 11/2018
It is apparent from the title of the law that the Egyptian legislator has introduced a new regulation for restructuring enterprises at a time of great financial turmoil. Restructuring is not only related to the new unified system introduced by the law, but also in the administration of bankruptcy in the Economic Courts, and mediation of requests for restructuring and reconciliation of bankruptcy. The legislator also introduced new provisions in its regulation of bankruptcy with the aim of resolving problems that the judiciary has been facing in the absence of a legislative solution.