In follow-up to the Bankruptcy Law:

On 19 February 2018, the new Bankruptcy Law was issued,[1] changing basic concepts that previously governed how companies facing financial or administrative distress were dealt with. The Law introduced for the first time the possibility of reorganizing and restructuring companies facing trouble, which gives the debtor more leniency and control over the management of the company. The previous bankruptcy law was seen as being too restrictive, forcing debtors facing difficulties to follow more constrained procedures. Following the new Law – which we analysed in depth in the February 2018 Issue –, a new decision issued by the Minister of Justice on 10 March 2018 set out the registration requirements of the bankruptcy experts register (the “Decision”).[2] These experts have been given significant roles under the new Law, including creating a restructuring/reorganization plan, managing assets and valuating them. The experts will also include individuals that will act as bankruptcy trustees and expert appraisers. Experts Register The Bankruptcy Law relies greatly on the work of judges that handle bankruptcy and restructuring cases. In addition, however, the Law also depends on various experts that could be mandated or appointed to deal with some tasks requiring experience and technical knowledge, for example setting up a plan to restructure a company, valuate or manage a company’s assets. Article 13 of the new Bankruptcy Law states that a register (the Bankruptcy Experts Register) is to be created and annexed to the Economic Court Experts Register. The register should comprise individuals and companies specialized in restructuring and asset management, experts representing various entities, and experts from bankruptcy trustees and expert appraisers. The same article stated that the Minister of Justice shall issue a decree on how to choose and appoint these experts. The Decision in question stipulates that the formation of the bankruptcy experts register should consist of three categories: restructuring experts register, bankruptcy trustees expert register and the expert appraisers register. The Decision also specified criteria that must apply to applicants that want to join the registers, including criteria related to their personal and professional profiles. Finally, the Decision lays out the procedure to follow in order to apply for the register, and tasks a committee set to follow up on the implementation of the new Bankruptcy Law, to monitor the applications.   [1] Law No. 11/2018 on Restructuring, Bankruptcy and Bankruptcy-Avoiding Settlement, Official Gazette, Issue No. 7 (bis) (d), 19 February 2018. [2] Minister of Justice Decision No. 1899/2018 setting out the registration requirements of the bankruptcy experts register in the economic courts, Egyptian Gazette, Issue No. 57, 10 March 2018.