Egypt’s House of Representatives gave its final approval to the new bankruptcy law on Sunday, December 28, in a plenary session attended by Minister of Investment and International Cooperation Sahar Nasr, Ahram Online reports.

The law abolishes prison sentences in bankruptcy cases and allows companies to restructure.

A division for “bankruptcy management” will be created within each economic court to be tasked with receiving requests for restructuring, reconciliation to protect from bankruptcy, bankruptcy, and managing mediation procedures, as per the law.

The law is also expected to improve Egypt’s rank in the World Bank’s Doing Business report. Egypt ranks number 115 in the Resolving Insolvency index in the Doing Business 2018 report, and number 128 out of 190 in the World Bank’s Doing Business 2018 report.