Economy chief says Dominican businesses need a bankruptcy law

Santo Domingo.- Economy minister Temístocles Montas on Thursday said Dominican Republic needs a bankruptcy law and in his view has harmed country’s investment climate thus far.

Speaking to open a workshop on the liquidation of companies and individuals merchants in the National Palace, the official said the Economy Ministry promotes the legislation already approved in the Senate and is expected to be sent to the lower Chamber.

“During 10 years the initiative has been in Congress but a year ago was put back with a favorable vote by the Senate,” Montas said, addeingthat the failure to approve the legislation has affected the business climate, competitiveness and foreign investment.