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Sunday , January 29 2023

Legislative panel conducts deliberations on bankruptcy bill

This post has been read 5468 times!

KUWAIT CITY, April 23: The parliamentary Financial and Economic Affairs Committee met Wednesday in the presence of Minister of Commerce and Industry Khalid Al-Rawdan and a technical team from the ministry.

Committee Chairperson MP Safa’a Al-Hashem said they discussed the Bankruptcy Bill, which consists of 305 Articles with the aim of providing protection for small and medium enterprises (SMEs) and those who obtained loans.

Al-Hashem revealed the bill stipulates several procedures that must be taken before declaring bankruptcy; such as restructuring loan payments to protect entrepreneurs and prevent bankruptcy. She affirmed the bill is in line with the current conditions which are not covered by the existing law (Law No. 68/1980).

She added the bill allows entrepreneurs suffering from bankruptcy to exercise their political rights, except those who committed fraud by providing false information. She stressed the bill is essential, especially for small businesses; considering the recent decision of the government to close shops, companies and restaurants because of the coronavirus crisis.
She confirmed the National Assembly and the government has reached an agreement on the bill, indicating the committee will vote on the bill in its next meeting to pave way for submission of report in this regard to the Assembly.

Meanwhile in a press statement, MP Riyadh Al-Adasani stressed the need to restructure the public budget in order to avoid unnecessary or luxurious expenditures. He pointed out the restructuring should not affect the subsidies granted to citizens or their salaries.

He reiterated objection to the Public Loan Bill submitted by the government, asserting there are many other solutions like suspending the allocation of a portion of profits to some public institutions amounting to KD 20 billion.

He argued the 10 percent deduction from State revenues for the Future Generations Fund must stop since revenues do not cover the expenditure. He said the government should amend the decree on oil accounting to reduce the cost of oil production from $13 per barrel to $9. He believes this step will make the State save more than one billion Kuwaiti dinars per year.

He criticized the performance of Finance Minister Barrak Al-Shitan and urged HH the Prime Minister Sheikh Sabah Al-Khalid to monitor the minister. He said Al-Shitan should leave his office if he does not present solutions in the interest of citizens.

He added the minister should issue a decision on paying the salaries of newly appointed employees and newly retired citizens who did not complete the necessary procedures due to the decision to suspend work in public institutions in light of the coronavirus crisis. He revealed Al-Shitan referred the issue to the Fatwa and Legislation Department and the parliamentary Financial and Economic Affairs Committee despite the fact that such procedures are not required as all he needs to do is issue a decision in this regard.

Furthermore, MP Dr Homoud Al-Khudair denied rumors spread on social media that he owns a company with thousands of laborers and that he is involved in visa trading. He unveiled his intention to file a complaint at Cybercrimes Department and take legal action against the owners of social media accounts involved in circulating such false information.

In addition, MP Khalil Al- Saleh submitted a proposal on declaring all medical staff, who died due to coronavirus, as martyrs. He suggested the families of these workers should enjoy the financial and moral privileges granted by Al-Shaheed Office.

Also, MP Abdulkareem Al- Kandari said the Ministry of Interior should ask for the help of Kuwait Army in distributing aid and food to laborers in locked down areas if it cannot fully control and manage these areas.

He emphasized the need to stop chaos in the locked down areas; since it is very dangerous and it will increase the rate of coronavirus infections, up to the extent that the medical teams can no longer deal with the situation.

By Saeed Mahmoud Saleh Arab Times Staff

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