Oman is looking at the possibility of promulgating bankruptcy and insolvency laws, said Abdullah Salem Al Salmi, acting executive vice-president of Capital Market Authority.
Participating at the sixth GCC (Gulf Cooperation Council) Regulators’ Summit that began yesterday at the Ritz Carlton Bustan Palace Hotel, Abdullah Salem Al Salmi said, “Oman certainly needs such laws. The idea is there and we are at the discussion level taking inputs from different sources and hopefully, in a short span of time, bankruptcy and insolvency laws would be in place.”
Bankruptcy is a situation in which an organisation falls short of cash to repay its debt or has liabilities that exceed its assets.
The two-day GCC Regulators’ Summit in Oman is organised by Thomson Reuters Governance, Risk & Compliance, in association with Oman Centre for Corporate Governance of the Capital Market Authority (CMA).
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