Muscat: Residents and citizens of Oman who are short on assets and finding it difficult to fund themselves and their families can claim bankruptcy legally under the law.
In a series of articles about Omans rules and regulations, entitled Know Oman, experts guide readers on their rights and responsibilities while working and living in Oman.
Speaking exclusively to the Times of Oman, representatives of Al Faqih & Co., one of the leading law firms in Oman, explained the process involved in filing for bankruptcy.
Unlike other countries where several alternatives are available, the bankruptcy of a merchant must be declared by the Court under the laws of Oman.
Article 579 of the Law of Commerce (Royal Decree 55/1990) states that any merchant wh…
Read the full article at: https://timesofoman.com/article/378208