The new bankruptcy law – approved by the National Assembly — will improve Kuwait’s competitiveness and ease of business indices, the Ministry of Commerce and Industry said Tuesday. The 300-article law will set Kuwait among the leading countries economically in the upcoming period, said the ministry, adding that the amendments to the law reorganized the bankruptcy law 68/1980.
The ministry revealed that the new step would enable defaulters and companies to resume their activities to achieve the required economic development. Due to the new status quo, a specialized department for bankruptcy will be established to address issues connected to this legal process to provide solutions beyond penalties and punishment.