Further amendments to the Bankruptcy Act signals delays in passing the law

The government appears to want to make amendments to the Bankruptcy Act “during the current House session,” officials from the Justice Ministry tell AMAY. The source did not state what these amendments would be. We anticipate that the move would further delay passing the long-awaited act — a key economic legislation could make it possible for companies to request time to re-structure under US “chapter 11” style bankruptcy protection. The bill had been with Parliament since the last session, and is currently being reviewed by the House Legislative Committee before being passed on to the Economic Committee.