Kuwait's National Assembly approved on Tuesday amendments to draft laws related bankruptcy.
The second draft approved by 37 and opposed by 7 of 45 present MPs, was linked to laws concerning bankruptcy. The draft law aims at reshuffling and reorganizing laws connected with bankruptcy.
The new bankruptcy law will improve Kuwait's competitiveness and ease of business indices; the Ministry of Commerce and Industry said Tuesday.
The 300-article law will set Kuwait among the leading countries economically in the upcoming period, said the ministry, state agency KUNA reported.
The ministry revealed that the new step would enable defaulters and companies to resume their activities to achieve the required economic development.
Due to the new status quo, a specialized department for bankruptcy will be established to address issues connected to this legal process to provide solutions beyond penalties and punishment.