The Efficiency of Bankruptcy Proceedings in Oman

Saleh Albarashdi ()
Additional contact information
Saleh Albarashdi: Sultan Qaboos University

No 4607808, Proceedings of International Academic Conferences from International Institute of Social and Economic Sciences

Abstract: Unlike the case in the US, England and France, at present, Oman does not have a separate bankruptcy law and in dealing with the bankruptcy of traders both the Omani Commercial Code of 1990 and Omani Commercial Companies Law of 1974 incorporate some articles. Currently, the formal available bankruptcy regimes for traders under financial distress are bankruptcy proceedings, preventive composition with creditors and liquidation procedures. Unless a debtor is able to propose a composition or scheme acceptable to its creditors, the debtor will be declared bankrupt and, as a result, the debtor company will be liquidated. This paper will focus merely on bankruptcy proceedings, so it is beyond its scope to deal with preventive composition with creditors? procedures and liquidation procedures. It will approach a number of issues/ questions, which include, but not limited to,: who can request the initiation of such procedures; declaration of bankruptcy and its effects on debtors, on creditors and on pre-existing contracts; the liability of directors of bankrupt companies and setting-off arrangement on bankruptcy. It is worth noting that a reference will be made to both the UK and the US insolvency/ bankruptcy laws in order to learn from the experience of both jurisdictions.

Keywords: Bankruptcy; directors liability; setting off arrangement. (search for similar items in EconPapers)
Pages: 1 page
Date: 2017-07
New Economics Papers: this item is included in nep-law
References: Add references at CitEc
Citations:

Published in Proceedings of the Proceedings of the 31st International Academic Conference, London, Jul 2017, pages 40-40

Downloads: (external link)
https://iises.net/proceedings/31st-international-a ... =46&iid=005&rid=7808 First version, 2017

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:sek:iacpro:4607808

Access Statistics for this paper

More papers in Proceedings of International Academic Conferences from International Institute of Social and Economic Sciences
Bibliographic data for series maintained by Klara Cermakova ().