{"id":565693,"date":"2021-04-25T13:48:40","date_gmt":"2021-04-25T13:48:40","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/25\/egypts-house-approves-changes-to-bankruptcy-act\/"},"modified":"2021-04-25T13:48:40","modified_gmt":"2021-04-25T13:48:40","slug":"egypts-house-approves-changes-to-bankruptcy-act","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/25\/egypts-house-approves-changes-to-bankruptcy-act\/","title":{"rendered":"Egypt\u2019s House approves changes to Bankruptcy Act"},"content":{"rendered":"

<\/a> House gives final nod to Bankruptcy Act amendments: <\/strong>Changes to the Bankruptcy Act that add further bankruptcy protections while giving creditors greater recourse options received a final vote of approval in the House of Representatives today, according to Youm7<\/a>. The bill should be signed into law by President Abdel Fattah El Sisi and its executive regulations need to be published before taking effect.<\/p>\n

What\u2019s different? <\/strong>The amendments open a pathway for struggling companies and their creditors to discuss restructuring debt prior to formally filing for bankruptcy. The amendments also give indebted companies access to loans from certain authorized banks to help avoid bankruptcy. Under the amendments, creditors get a say on whether their debtors can continue operating, be placed into administration or liquidate their assets, among other things<\/a>.<\/p>\n

Background:<\/strong> Passed in 2018<\/a>, the landmark act effectively decriminalized bankruptcy by abolishing prison sentences. It also allowed companies more time and options for restructuring by introducing mechanisms to help settle commercial disputes outside the courtroom and simplify bankruptcy proceedings.<\/p>\n","protected":false},"excerpt":{"rendered":"

House gives final nod to Bankruptcy Act amendments: Changes to the Bankruptcy Act that add further bankruptcy protections while giving creditors greater recourse options received a final vote of approval in the House of Representatives today, according to Youm7. The bill should be signed into law by President Abdel Fattah El Sisi and its executive […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[10078],"tags":[3659,7106,957,633,7087,963,187],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-565693","post","type-post","status-publish","format-standard","hentry","category-speed-round-legislation-watch","tag-bankruptcy-act","tag-debt","tag-dispute-watch","tag-enterprisepm","tag-finance","tag-law","tag-legislation-watch","wpautop","entry"],"acf":{"mongo_id":"d8be3d5b-ccf6-43d3-9d4b-912dc070cda4","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[565688],"teaser":"","voice_url":""},"yoast_head":"\nEgypt\u2019s House approves changes to Bankruptcy Act - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/04\/25\/egypts-house-approves-changes-to-bankruptcy-act\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt\u2019s House approves changes to Bankruptcy Act\" \/>\n<meta property=\"og:description\" content=\"House gives final nod to Bankruptcy Act amendments: Changes to the Bankruptcy Act that add further bankruptcy protections while giving creditors greater recourse options received a final vote of approval in the House of Representatives today, according to Youm7. 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The Act effectively decriminalizes bankruptcy by abolishing prison sentences and allows companies more time and options for restructuring by introducing mechanisms to help settle commercial disputes outside the courtroom and\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":636959,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/11\/05\/further-amendments-to-the-bankruptcy-act-signals-delays-in-passing-the-law\/","url_meta":{"origin":565693,"position":1},"title":"Further amendments to the Bankruptcy Act signals delays in passing the law","author":"enterpriseam admin","date":"5 November 2017","format":false,"excerpt":"The government appears to want to make amendments to the Bankruptcy Act \u201cduring the current House session,\u201d 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 \u2014 a key economic\u2026","rel":"","context":"In "Legislation + Policy"","block_context":{"text":"Legislation + Policy","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-policy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":634238,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/01\/10\/house-gives-preliminary-nod-to-bankruptcy-act\/","url_meta":{"origin":565693,"position":2},"title":"House gives preliminary nod to Bankruptcy Act","author":"enterpriseam admin","date":"10 January 2018","format":false,"excerpt":"LEGISLATION WATCH- House gives preliminary nod to Bankruptcy Act: The House of Representatives gave a preliminary nod to the Bankruptcy Act during a session of the general assembly yesterday that saw Investment Minister Sahar Nasr in attendance, Al Mal reports. The bill, a key element of the Sisi administration\u2019s economic\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":575556,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/19\/house-legislative-committee-greenlights-bankruptcy-act-amendments\/","url_meta":{"origin":565693,"position":3},"title":"House Legislative committee greenlights Bankruptcy Act amendments","author":"enterpriseam admin","date":"19 October 2020","format":false,"excerpt":"LEGISLATION WATCH- Changes to the Bankruptcy Act that would give creditors more power to decide the future of bankrupt businesses received approval from the House Legislative Committee yesterday, reports Al Shorouk. The amendments, as they stand, would also allow debtors to request bankruptcy protection, among other things. They should now\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":632977,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/02\/25\/bankruptcy-act-now-the-law-of-the-land\/","url_meta":{"origin":565693,"position":4},"title":"Bankruptcy Act now the law of the land","author":"enterpriseam admin","date":"25 February 2018","format":false,"excerpt":"LEGISLATION WATCH- Bankruptcy Act now the law of the land: The Bankruptcy Act, which passed in the House of Representatives last month, is now officially the law of the land after it was published on the Official Gazette on Thursday. 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