Experts and Bankruptcy Experts Must Conduct Professional Duties with Integrity and Impartiality

New Code for Experts and Bankruptcy Experts Comes into Force in Oman

Muscat, Oman - The Code for Experts and Bankruptcy Experts has been implemented, outlining the professional duties of experts and bankruptcy experts in Oman. This code aims to ensure that these professionals maintain integrity and impartiality while conducting their duties.

Key Requirements

• Impartiality: According to Article 3 of the Code, experts and bankruptcy experts must not take sides with any political, social, or sectarian tendencies, nor employ their expertise for the benefit of one party at the expense of another.
• Integrity: They are required to observe honesty, uprightness, and integrity when practicing expert work and may not ask for or accept any gifts, rewards, or commissions of any kind.

Importance of Independence and Impartiality

The Code emphasizes the importance of independence and impartiality in the work of experts and bankruptcy experts. Article 9 requires them to maintain independence and objectivity in their opinions and recommendations, regardless of external influences.

Impact on the Profession

Experts and bankruptcy experts are now bound by the Code, which aims to promote higher ethical standards in their profession. The code will help ensure that court proceedings are fair and impartial, benefiting all parties involved.

Significance in Current Economic Climate

The implementation of the Code is particularly significant in the current economic climate, where businesses are struggling to survive and increasingly looking to restructure or file for bankruptcy. The code will help boost confidence among stakeholders involved in a bankruptcy proceeding and make the process more responsive to the interests of creditors, debtors, and courts.

Benefits to Oman’s Business Community

With the new bankruptcy law in place, Oman’s business community is expected to benefit from the high ethical standards set by the Code.