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Bankruptcy reform in the Middle East and North Africa: Analyzing the new bankruptcy Laws in the UAE, Saudi Arabia, Morocco, Egypt, and Bahrain
International Insolvency Review ( IF 0.646 ) Pub Date : 2020-06-01 , DOI: 10.1002/iir.1378
Adam Al‐Sarraf 1
Affiliation  

For years, countries in the Middle East and North Africa (MENA) region have been trying to increase entrepreneurship rates and attract foreign investment, however, their bankruptcy statutes remained antiquated and punitive in nature Potential start-ups and foreign investors have been deterred from these markets due to a lack of alternative solutions to liquidation and a fear of punishment for business failure At least seven countries in the region have now taken steps to modernize their bankruptcy laws to provide restructuring mechanisms and other measures designed to incentivize risk-taking rather than to deter it With this year's crash in oil prices, an unprecedented global pandemic and an imminent recession, an effective bankruptcy system has become even more critical to avoid catastrophic results for the employment rates and economic value of the companies in the region However, despite these recent reforms, significant improvements are still needed to maximize the value and benefits of bankruptcy procedures in the face of these growing economic threats

中文翻译:

中东和北非的破产改革:分析阿联酋、沙特阿拉伯、摩洛哥、埃及和巴林的新破产法

多年来,中东和北非 (MENA) 地区的国家一直在努力提高创业率和吸引外国投资,但其破产法规仍然陈旧且具有惩罚性由于缺乏清算的替代解决方案以及担心因企业失败而受到惩罚,该地区至少有七个国家现已采取措施更新其破产法,以提供重组机制和其他旨在鼓励冒险而不是阻止它随着今年油价暴跌、前所未有的全球大流行和迫在眉睫的衰退,有效的破产制度对于避免对该地区公司的就业率和经济价值造成灾难性后果变得更加重要 然而,尽管最近进行了这些改革,但仍需要进行重大改进,以最大限度地提高破产程序的价值和利益。在这些日益严重的经济威胁中
更新日期:2020-06-01
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