MoE’s Laws and Regulations

The provisions of this federal decree law apply to companies that are subject to the Commercial Companies Law, companies that are not established under the Commercial Companies Law and are wholly or partly owned by the federal or local government, companies and establishments in the free zones that are not governed by particular provisions regulating protective composition procedures, licensed civil companies carrying out professional activities and any individual who is a trader. The law aims to regulate various cases of bankruptcy, prescribes the necessary legal tools for restructuring a debtor’s business and liquidation, by offering a set of means to avoid the same. These include financial restructuring outside of courts, protective composition and financial restructuring. The law also calls for the establishment of a permanent committee designated the “Committee of Financial Restructuring”.