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About the Register

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The Bankruptcy Register is a depositary of procedures required by the provisions of the Bankruptcy Law. It is accessible to public.  The first Article of the Bankruptcy Law defines the Bankruptcy Register as: “A register created, managed and maintained by the Bankruptcy Commission  under the provisions [of the Law]." The Law also specifies in Article (9) Paragraph (2) additional competences for the Bankruptcy Commission  among which is (a): “establishing and managing the Bankruptcy Register."  Article (227) of the Law also states that:

 

  1. The Bankruptcy Commission  shall establish a register - to be titled the Bankruptcy Register - as a depository of information required under the provisions of this Law. The Regulations shall specify the contents and information to be included in the Bankruptcy Register, and the procedures for updating, omitting and accessing said content and information as well as other provisions necessary for the register's operations.
  2. The content of the Bankruptcy Register shall be accessible to the public.

 

The Law also states that a register is to be established to archive the judgments of penalizing violators that include disqualification. The penalties are stated in Article (203) Paragraph (2) and are accessible to public. In addition, establishing the Bankruptcy Register is among the competences of the Commission  as stated in Article (9) Paragraph (2) (j) of the Bankruptcy Law: “establishing, maintaining and managing the register provided for in Article (204) (2) hereof" .) Article (204) Paragraph (2) states that: “The Bankruptcy Commission  shall establish a record to archive whatever judgments are issued under Paragraph (2) of Article (203) of the Law and the judgments shall be made accessible to the public in accordance with the Regulations. Article (203) Paragraph (2) classifies the penalties for violators as follows:

  1. ​barring violators for no more than five years from directly or indirectly managing any for-profit establishment or governing its activates in their capacity as director or member of its board of directors / board of managers, as well as prohibiting their participation in any for-profit establishment where their ownership therein entails their actual or de-facto management thereof;
  2. barring violators for no more than five years from voting on decisions concerning the nomination, candidacy or selection of a candidate in any for-profit establishment;
  3. barring violators for no more than five years from owning shares or stock in any for-profit establishment when such ownership entails engaging in any direct or indirect management activities therein.