Bankruptcy
Egypt's bankruptcy law is a legal framework that governs the process by which individuals or businesses in Egypt can declare bankruptcy, liquidate their assets, and settle their debts. The law aims to provide a fair and orderly process for creditors and debtors to resolve their financial obligations in cases where the debtor is unable to repay their debts.
The Egyptian bankruptcy law was enacted in 2018 and replaced the previous bankruptcy law, which had been in place since 1999. The new law is based on international standards and aims to provide greater protection to debtors and creditors alike.
Under the Egyptian bankruptcy law, a debtor can file for bankruptcy if they are unable to pay their debts as they become due, and if their liabilities exceed their assets. The law provides for a court-supervised process of debt restructuring or liquidation, depending on the circumstances of the case.
The bankruptcy process in Egypt involves the appointment of a trustee to manage the debtor's assets and liabilities, the creation of a plan to restructure the debt or liquidate the assets, and the approval of the plan by the creditors and the court. The law also provides for the protection of the debtor's assets from seizure or attachment during the bankruptcy process.
Overall, the Egyptian bankruptcy law aims to provide a fair and transparent process for debtors and creditors to manage their financial obligations in cases of insolvency or financial distress.
