HM King ratifies, issues Law 22/2018

Manama, May 31 (BNA): His Majesty King Hamad bin Isa Al Khalifa today ratified and issued Law 22/2018 on Re-organisation and Bankruptcy, which was approved by the Shura and Representatives councils. Under the law, the Bankruptcy and Composition Law promulgated by Decree-Law 11/1987 and any texts that are contrary with its provisions shall be abrogated. The provisions of the Bankruptcy and Composition Law shall apply to cases filed in accordance with its provisions, and before this law takes effect. The Prime Minister and minister –each in their capacity, shall implement the provisions of this law which takes effect six months after its publication in the Official Gazette.