Hello Maha. My question is about company...

According to the amendments, the deadlines for all debts owed by the bankrupt debtor, whether they are ordinary debts or collateralized by mortgage or excellent debts, shall be forfeited by the issuance of the judgment declaring the debtor bankruptcy and liquidation of his funds.
The amendments stated that the restructuring project is approved with the approval of the majority of creditors whose debts have been finally accepted and the creditors whose debts have been temporarily authorized by voting provided that this majority possesses two-thirds of the total accepted debts as a minimum.
The amendments also included the priority to pay excellent debt before its regular counterpart, where it is arranged as follows:
- Any judicial fees or expenses, including custodian and expert fees and any expenses incurred in the service of the interest of creditors.
- End-of-service benefits, unpaid wages and salaries due to the debtor's employees, workers, and employees, which are paid periodically, except for allowances and allowances, provided that the total does not exceed a maximum three-month wage or salary, and the court may allow the trustee to pay the wages and salaries due to the debtor's employees, workers, and employees for a period that does not Over 30 days of what the debtor has available from him.
- Debts of alimony prescribed for the debtor by a judgment issued by a competent court.
- Amounts due from government agencies.
- Fees agreed between the debtor and any expert appointed by him, since the bankruptcy proceedings began.
The amendments added a new article that gave the Council of Ministers to take the necessary decisions to implement the new decree, including the amendment of any stipulated periods, on the proposal of the Minister of Finance.
In its clarification, the Ministry of Finance said: “The (bankruptcy) law, issued by Federal Decree No. (9) of 2016, regulates various cases of bankruptcy, and specifies the legal tools necessary to restructure the debtor’s business, where the law provides a set of means aimed at avoiding bankruptcy and liquidating the debtor's money"