17 Hrs
Source:
المقر
Collection Tools Proposal
The draft amendment to the Enforcement Law calls for not imprisoning people who are unable to meet their contractual obligations, while improving collection tools and distinguishing between debtors in genuine financial difficulty and those who can pay but refuse to do so. It proposes strengthening early asset seizure and requiring disclosure of assets and income sources. It also proposes regulating settlements by requiring an initial payment of at least 15% and monthly installments of at least 2% of the remaining debt, while taking the debtor’s actual ability to pay into account. The article further emphasizes improving credit information, speeding up enforcement, and regulating precautionary measures. It says the amendments’ success should be measured by the rights recovered and by the projects and settlements that remain viable.
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