The Egyptian cabinet yesterday approved the country's first bankruptcy law, Justice Minister Hossam Abdelrahim said, part of an economic reform drive aimed at encouraging investment, Reuters reported. The law aims to minimize the need for companies or individuals to resort to the courts and will simplify post-bankruptcy procedures, Abdelrahim said, adding that the measure would also abolish imprisonment in cases of bankruptcy. Until now, Egypt has had no specific law on bankruptcy, meaning failed companies have had to go to court on a case-by-case basis. Egypt is in the process of passing a long-awaited investment law aimed at reviving the economy and attracting foreign investors.
