(MENAFN- Muscat Daily) Muscat -
The tenth regular session of the State Council on Tuesday discussed the Draft Law of Bankruptcy and Insolvency.
It was also recommended by the Council of Ministers, along with the report of the Economic Committee of the council.
The session, chaired by H E Dr Yahya bin Mahfoudh al Mantheri, was held in the presence of the honorable council members and its secretary general.
H E Dr Mantheri welcomed the members and hoped that the session would deliver positive outcome. Following this, he referred the agenda and stated that the session would focus on discussing the Draft law of Bankruptcy and Insolvency.
He added that the 11th session would discuss the Draft Law of Foreign Capital Investment forwarded by the Council of Ministers and the report of the Economic Committee on it.
The 12th regular session will focus on the Draft Law of Public-Private Partnership, forwarded by the Council of Ministers and the report of the Economic Committee on it. In addition, it will discuss the Draft Law on Privatisation, forwarded by the Council of Ministers and the report of the Economic Committee on it.
In addition, it would discuss the letters received from the council committees and the secretariat report on the work of the council.
Hon Sheikh Mohammed bin Abdullah al Harthy, head of the Economic Committee of the council, presented the committee's statement on the draft law.
He explained that it contained 242 articles, divided into four chapters: restructuring, reconciliation, bankruptcy, conditions and procedures for the sale and distribution of assets, final provisions, rehabilitation and penalties. In addition, it includes the introductory section dealing with definitions and general provisions.
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