{"id":572658,"date":"2020-07-05T04:00:55","date_gmt":"2020-07-05T04:00:55","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/05\/egypts-cabinet-approves-changes-to-bankruptcy-code\/"},"modified":"2020-07-05T04:00:55","modified_gmt":"2020-07-05T04:00:55","slug":"egypts-cabinet-approves-changes-to-bankruptcy-code","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/05\/egypts-cabinet-approves-changes-to-bankruptcy-code\/","title":{"rendered":"Egypt\u2019s cabinet approves changes to bankruptcy code"},"content":{"rendered":"<p><strong>CABINET WATCH- Cabinet approves changes to Bankruptcy Act<\/strong> <strong>to further <\/strong><strong>distinguish between creditors:<\/strong> Creditors will have more power to decide the future of bankrupt businesses if legislative amendments <a href=\"https:\/\/bit.ly\/3f1Dgeh\">approved by the cabinet<\/a> on Wednesday were to pass, Under the bankruptcy code, creditors would be able to vote on whether their debtors can continue operating, be placed into administration or liquidate their assets. The legislative changes passed by cabinet would <strong>also allow debtors to request bankruptcy protection<\/strong>, the statement notes without going into further detail.<\/p>\n<p><strong>Background:<\/strong> <a href=\"https:\/\/enterprise.press\/stories\/2018\/01\/29\/house-of-representatives-passes-bankruptcy-act\/\">Passed in 2018<\/a>, the landmark bankruptcy law 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<p><strong>Cabinet\u2019s weekly meeting also signed off on recent multilateral agreements. <\/strong>Including two with France\u2019s AFD (background <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4ece70f8-fe67-4feb-b1a0-3cc88601d257\">here<\/a> and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/10297c6b-926b-4ad2-ad13-83e092cffe9a\">here<\/a>) and a third to receive a EUR 200k grant from the Spanish Agency for International Development Cooperation for a female empowerment initiative in Upper Egypt. A fourth agreement will see Egypt receive a KWD 75 mn facility from the Arab Fund for Economic and Social Development to fund the construction of the USD 1 bn Bahr El Baqar water treatment system.<\/p>\n<p><strong>Cabinet also greenlit plans to set up new nonprofit universities <\/strong>in New Mansoura, New Alamein and Galala City and establish the <a href=\"http:\/\/www.ksiu.edu.eg\/ar\">King Salman International University<\/a>, which will have three branches across South Sinai.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>CABINET WATCH- Cabinet approves changes to Bankruptcy Act to further distinguish between creditors: Creditors will have more power to decide the future of bankrupt businesses if legislative amendments approved by the cabinet on Wednesday were to pass, Under the bankruptcy code, creditors would be able to vote on whether their debtors can continue operating, be [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":572659,"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":[8572],"tags":[3659,7106,7097,73,72,180,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-572658","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-bankruptcy-act","tag-debt","tag-development","tag-education","tag-enterpriseam","tag-legislation","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"e93f408b-e633-4d62-b665-f13b50eaa07f","is_powered_by":true,"section_story_id":"1ff32264-7e62-47d4-a11e-423cd1755201","story_type":"1","photo_url":"https:\/\/ent.news\/2020\/7\/18.jpg","photo_position":"above","related_issue":[572644],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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Justice Minister Mohamed Hossam Abdel Rehim said the law aims to create an intermediary system that reduces the need to resort to court proceedings whenever companies go in arrears and simplifies post-bankruptcy procedures. The draft law\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":565693,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/25\/egypts-house-approves-changes-to-bankruptcy-act\/","url_meta":{"origin":572658,"position":1},"title":"Egypt\u2019s House approves changes to Bankruptcy Act","author":"enterpriseam admin","date":"25 April 2021","format":false,"excerpt":"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\u2026","rel":"","context":"In &quot;SPEED ROUND: LEGISLATION WATCH&quot;","block_context":{"text":"SPEED ROUND: LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-legislation-watch\/"},"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":572658,"position":2},"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 &quot;Speed Round&quot;","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":634911,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/01\/29\/house-of-representatives-passes-bankruptcy-act\/","url_meta":{"origin":572658,"position":3},"title":"House of Representatives passes Bankruptcy Act","author":"enterpriseam admin","date":"29 January 2018","format":false,"excerpt":"LEGISLATION WATCH- The House of Representatives voted yesterday to approve the long-awaited Bankruptcy Act in a plenary session, Youm7 reports. 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 &quot;Speed Round&quot;","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":649932,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/03\/13\/a-copy-of-the-bankruptcy-act-is-out\/","url_meta":{"origin":572658,"position":4},"title":"A copy of the Bankruptcy Act is out","author":"enterpriseam admin","date":"13 March 2017","format":false,"excerpt":"A copy of the Bankruptcy Act is out: A copy of the Bankruptcy Act, which is currently being reviewed by the Council of State (Maglis Al Dawla), has made it to the press. You can view the full text here, courtesy of Al Borsa. The law, which creates a clear\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":639536,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/10\/31\/bankruptcy-act-is-before-the-house-legislative-committee\/","url_meta":{"origin":572658,"position":5},"title":"Bankruptcy Act is before the House Legislative Committee","author":"enterpriseam admin","date":"31 October 2017","format":false,"excerpt":"The Bankruptcy Act is currently with the House of Representatives\u2019 Legislative Committee and will be sent to the House Economics Committee once it is done reviewing the legislation soon, Economic Committee member Medhat El Sherif tells Al Borsa. The Economic Committee, which is currently hosting Consumer Protection Agency boss Atef\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/572658","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=572658"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/572658\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/572644"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/572659"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=572658"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=572658"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=572658"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=572658"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=572658"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}