Bankruptcy Law

1. Pursuant to a resolution by the Council of Ministers, a committee named the Bankruptcy Committee shall be formed, comprising five or more experienced and qualified members nominated by the Minister for a three-year renewable term. The Committee shall enjoy a legal personality, as well as financial and administrative autonomy under the supervision of the Minister. 2. The Bankruptcy Committee shall, in addition to the technical and administrative powers provided for in this Law, have the following powers: a) Creating, maintaining, and managing the Bankruptcy Register. b) Licensing bankruptcy trustees and experts in accordance with the Regulations. c) Preparing a list of bankruptcy trustees and a list of experts in accordance with the Regulations. d) Issuing rules governing the work of bankruptcy trustees and experts. e) Inspecting and verifying any bankruptcy procedure initiated in accordance with this Law. f) Submitting to the Minister its recommendations for the update of the list of regulated entities, upon coordination with the competent authorities. g) Setting the criteria for small debtors in coordination with the Small and Medium Enterprises General Authority. h) Determining the minimum amount of debt that gives the creditor the right to file a petition for the initiation of liquidation procedures. i) Managing the administrative liquidation procedures. j) Creating, maintaining, and managing the register referred to in Article 204(2) of this Law. k) Issuing the forms and documents provided for in this Law and its Regulations. l) Organizing and sponsoring initiatives which promote awareness of this Law. m)Making the proposals necessary to enhance the effective implementation and development of the provisions of this Law, including conducting studies and research. n) Organizing activities and participating in events relating to its functions. o) Conducting periodic reviews of the provisions of this Law and its Regulations as well as relevant rules and instructions, coordinating with the relevant agencies, and proposing amendments to the Minister. p) Providing consultation, training, and other services for a consideration or free of charge. q) Assuming any other power provided for in the Regulations or its formation decision.