Bankruptcy law urged to protect small businesses
MANAMA: Experts have called for a bankruptcy law to protect entrepreneurs and small businesses.
The concept was discussed at the International Conference on Entrepreneurship and Innovation which was held at the ART Rotana Hotel, Amwaj Islands.
The two-day conference, which ended yesterday, was held under the patronage of INJAZ Bahrain executive director Shaikha Hessa bint Khalifa Al Khalifa and organised by Kingdom University, United Nations Industrial Development Organisation (Unido) and Arab International Centre for Entrepreneurship and Investment.
Experts from seven universities from around the world discussed research papers on entrepreneurial cultures, education and technology.
During the event, Bahrain Businesses Incubator Centre (BBIC) managing director Shaikh Hesham Mohammed Al Khalifa said safety nets should be put in place for businesses that fail.
“When it comes to setting up a business, all the rules and regulations that are archaic; understanding of what is required and get it all approved takes months and as such that is one part of the difficulty in obtaining that licence,” said Shaikh Hesham.
“Knowing that the worldwide success rate for small business is 10 per cent, Bahrain isn’t that far off, so what happens to those that fail? Is there a safety net? Do we have a bankruptcy law?
“There has to be a proper environment that supports and safeguards entrepreneurs because failure is part of entrepreneurship, we have to come up with a bankruptcy law, it’s as simple as that.”
The final day of the conference featured panel discussions on economic infrastructure, the fourth industrial revolution, and experiences in entrepreneurship.
Source: http://www.gdnonline.com/Details/333235/Bankruptcy-law-urged-to-protect-small-businesses