Egyptian Commercial Law: An Overview
The Egyptian Commercial Law comprises the legal provisions that regulate commercial activities and traders, defining relationships between parties in commercial transactions. The current legal framework governing commercial activities in Egypt is established by Law No. 17 of 1999.
1. Scope of Application
The Commercial Law applies to commercial activities conducted by individuals or companies. It defines a trader as anyone who engages in commercial activities as a regular profession. The law specifies various commercial activities, including buying and selling, supply, commercial agency, banking operations, among others.
2. Commercial Companies
The law regulates types of commercial companies, including partnerships (such as general partnerships and limited partnerships) and corporations (such as joint-stock companies). It outlines the procedures for establishing these companies, their management, the responsibilities of partners, and the methods of dissolution.
3. Commercial Contracts
The law addresses contracts concluded between traders, such as sales contracts, transportation, insurance, and agency agreements. It specifies the necessary conditions for these contracts, the obligations of each party, and the means of resolving disputes arising from them.
4. Commercial Papers
The law includes provisions for commercial papers like checks, promissory notes, and bills of exchange. It defines the issuance, negotiation, and guarantees of payment for these instruments, as well as penalties for related offenses.
5. Bankruptcy and Liquidation
The law outlines procedures related to the bankruptcy of traders and companies, including conditions for declaring bankruptcy, appointing a trustee, distributing assets to creditors, and conditions for preventive composition.
Conclusion
The Egyptian Commercial Law provides a comprehensive framework regulating commercial activities and relationships among traders. It aims to balance the interests of various parties, ensure the stability of commercial transactions, and enhance confidence in the Egyptian market.
