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New Code of Conduct for Experts and Bankruptcy Experts in Oman: A Boost to Ethical Practice

In a move aimed at enhancing the professionalism and integrity of experts and bankruptcy experts in Oman, the country’s authorities have introduced a new code of conduct. The Code, which has been in force since its issuance last year, outlines the general duties and specific responsibilities of experts and bankruptcy experts towards judicial authorities, other authorities, fellow experts, and parties involved.

Key Provisions

  • The Code emphasizes the importance of maintaining professional knowledge and technical skills, as well as adhering to high-quality standards and codes of conduct.
  • Experts and bankruptcy experts are expected to maintain independence and impartiality in their work, refraining from taking sides with any political, social, or sectarian tendencies.
  • According to Article 3 of the Code, experts and bankruptcy experts are prohibited from using their expertise for personal gain or to benefit one party at the expense of another.
  • Similarly, they are not allowed to accept gifts, rewards, or commissions of any kind, as outlined in Article 6.

Impact on Businesses

The introduction of the new Code is expected to have a positive impact on businesses in Oman. By promoting ethical practice among experts and bankruptcy experts, the Code will help to boost confidence among stakeholders involved in bankruptcy proceedings and improve the overall efficiency of the process.

  • In a post-COVID-19 economy where many businesses are struggling to survive, the need for liquidation and bankruptcy expertise has never been more pressing.
  • The new Code will provide a framework for experts and bankruptcy experts to operate within, ensuring that they conduct their work with integrity and professionalism.

Regulatory Landscape

The Code is part of Oman’s broader regulatory landscape, which includes various laws, regulations, and decrees issued by the country’s authorities in 2022. These include decisions on governance, taxation, finance, and labor, among others.

  • Some notable regulations introduced last year include the Governance Regulation for the Classification and Registration of Suppliers, Contractors, and Consulting Offices, as well as the Regulations for Foreign Investor Applications’ Approval Offices.

Conclusion

The introduction of the new Code of Conduct for Experts and Bankruptcy Experts in Oman is a significant step towards promoting ethical practice and professionalism in the country’s business community. By outlining the responsibilities and duties of experts and bankruptcy experts, the Code will help to ensure that they conduct their work with integrity and objectivity, ultimately benefiting businesses and stakeholders alike.

  • As Oman continues to navigate the challenges posed by the global economy, it is essential that its regulatory framework remains robust and effective.
  • The new Code is a welcome development in this regard, and one that will likely have a positive impact on the country’s business landscape for years to come.