Egypt’s parliament passes bankruptcy law to spur investment

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CAIRO, Jan 29 (Reuters) – Egypt’s parliament has passed the
country’s first bankruptcy law, the investment ministry said in
a statement on Sunday.

Part of an economic reform drive aimed at encouraging
investment, the new law aims to minimise the need for companies
or individuals to resort to the courts and to simplify
post-bankruptcy procedures. It will also abolish imprisonment in
cases of bankruptcy.

Egypt’s economy has been struggling since a popular uprising
in 2011, which overthrew veteran leader Hosni Mubarak and drove
away tourists and foreign investors, important sources of hard
currency.