Bankruptcy Jurisdiction and Enforcement of Foreign Bankruptcy Judgments in Egypt

Author: Zamzam, Abdel-Moneem

Source: Journal of Private International Law, Volume 6, Number 3, December 2010 , pp. 623-635(13)

Publisher: Hart Publishing

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Abstract:

Bankruptcy matters in Egypt are regulated in the Commercial Code No. 17 for the year 1999 as promulgated on May 17, 1999 ("the Commercial Code"). Indeed nothing related to international bankruptcy is mentioned in the 772-article Code, except for Article 559/2. The concept of the "universality of bankruptcy" is almost unknown; "territoriality", instead, is the general principle in the Egyptian legal system. The Egyptian legislature is still affected by the old notion which considered bankruptcy, per se, as a crime, a matter which would eventually render the trader ineligible to exercise some of its rights. Although such a notion no longer exists, and bankruptcy is currently considered as a normal trade-related risk which may not deprive the bankrupt of its rights, the Egyptian legislator did not abandon it completely. This paper aims at outlining different international bankruptcy issues under Egyptian law in the following parts: bankruptcy jurisdiction in Egypt; recognition of bankruptcies opened abroad; enforcement of foreign bankruptcy judgments; and international conventions in bankruptcy matters.

Document Type: Research Article

DOI: http://dx.doi.org/10.5235/174410410794046332

Publication date: December 1, 2010

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