الملخص الإنجليزي
The study aims at explaining the conditions of Composition in Bankruptcy (or bankruptcy protection settlement) in the Omani Commercial Law due to the benefits of such measure to its parties (the Debtor merchant and Creditors) on one hand and to the country in the other. This measure allows the debtor merchant to avoid the declaration of bankruptcy and all its negative consequences. It also allows the creditors to redeem their entitlements without entering into the complex procedures of bankruptcy. In relation to the country, this measure helps minimizing the magnitude of bankruptcies which may affect the national economy. The study explains the meaning of bankruptcy, its legal conditions, its negative effects on the debtor, his funds and the future of his business. The explanation of these effects help highlighting the importance of the composition in bankruptcy and the major role it plays in mitigating or avoiding the severe results of bankruptcy. The Author also compared. and contrasted the composition in bankruptcy with the civil insolvency (inability to pay debts as they fall due) in order to avoid any confusion between the two. The author covered these topics briefly in the Preamble chapter of this study as an introduction. The author then studied the character of the composition in bankruptcy looking at its definition, its legal nature and comparisons with some other measures which may similar to it. The study also covered the legal conditions required for the legitimacy of the composition, the consequences of the composition and the grounds for its termination.
In order to maximize the benefits of this study, the author conducted a comparative study of the relevant legislations in some Arabic Jurisdictions (Egypt, the United Arab Emirates and Kuwait). The topics in this study were divided into two parts. The first presents an explanation of the composition in bankruptcy and its conditions. And the second presents its consequences and the termination of it.
The study concluded a number of results and recommendations which are all presented in the Conclusion chapter of this study. The author hopes this study will help in the development of the system of composition in bankruptcy.
