CAIRO Jan 4 The Egyptian cabinet approved on
Wednesday the country's first bankruptcy law, Justice Minister
Hossam Abdelrahim said, part of an economic reform drive aimed
at encouraging investment.
The law aims to minimise 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
Egypt is in the process of passing a long-awaited investment
law aimed at reviving the economy and attracting foreign
Egypt's economy has been struggling since a popular uprising
in 2011, which overthrew veteran leader Hosni Mubarak and drove
away tourists and foreign investors, important sources of hard
(Reporting by Asma Alsharif; editing by Giles Elgood and Gareth