Bahrain to introduce bankruptcy laws

Zayed Rashid Al Zayani

MANAMA: The Kingdom of Bahrain is bringing bankruptcy laws to provide necessary safeguards against risks to the businesses especially to the start-ups.

Mr Zayed Al Zayani, the Minister of Industry, Commerce and Tourism, on Monday told the media that the bankruptcy laws will help in minimizing the risk factors which may be an irritant at this stage.

“We are working on the laws and soon will be introduced to further bolster the Kingdom’s list of advantages for doing business. We have studied Singapore, UK and US bankruptcy laws model and are developing the best legal framework to cater for Bahraini market needs,”he added.

The Minister was responding to the questions with regard to the competitive edge for businesses offer by the Kingdom following the decision of hike in CR fee, said any move of the Ministry would be in line with keeping the Kingdom’s competitive advantage. “Bahrain is still a very competitive business destination regionally and internationally and we will continue to add new dimensions of easing business while maintaining the competitiveness of the economy.”

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