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Long-awaited bankruptcy law sparks optimism in Egypt

The Egyptian parliament passed a new bankruptcy law to regulate the restructuring of viable but troubled companies, in a move experts say will boost the economy.
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CAIRO — Egypt's parliament recently passed a bill designed to recharge the drained economy by streamlining the bankruptcy process, allowing viable companies to return to business more quickly.

On Jan. 29, parliament approved legislation to regulate debt restructuring, preventive composition (out-of-court settlement) and bankruptcy. The move created a wave of optimism in government and economic circles that this will boost the economy and improve the investment environment in Egypt.

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