The Acting Director of the Legal Department at the Commerce and Industry Ministry has announced Oman Sultani Decree No. 53/2019 promulgating the Bankruptcy and Insolvency Law will come into force on 1 July 2020. Under the Law, individuals and institutions who have declared bankruptcy will need to pay their creditors back. The payment will be agreed through a payment restructuring plan. Both parties will have to agree to the plan and it must be ratified by a court. The court’s judgment will have to be published in the Official Gazette and the bankrupt will have to pay it. Traders who make false bankruptcy claims will be fined between 200 and 500 Rials.