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New bankruptcy law to protect all

A new bankruptcy and insolvency law that has been sent to State Council for consideration aims to boost Oman’s economy and to protect workers’ rights.

Saif Ali Shaikhan Al Amri, member of the Economic Committee at the State Council, said: “When a bankruptcy begins in earnest, the first step will be to gather all remaining assets before a judge and a bankruptcy manager, where rights such as salaries and pending payments are distributed as a primary step.”

“The step after that involves looking at accrued debts and the loans given. While not saying that the salaries are guaranteed, they are a right which will be given so long as the funds exist to do so,” he added.

Issa Said Sulaiman Al Kiyumi, Vice-Chair of the Legal Committee at the Council, told Times of Oman: “All countries care about corporate society and try to provide it with opportunities and protect it from crisis. The ongoing Bankruptcy Law Project is one of the important steps that some might look at negatively. However, the law has been designed in order to protect debt owners, those in debt, and other parties.”

Businessmen in Oman welcomed a dedicated law, citing the importance of making sure the rights of all parties are protected.


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