Governmental data showed that the number of bankruptcy declarations cases reached only two cases in 2019, compared to 4 cases in 2018, with a decrease of two cases, and the debt value for bankruptcy declarations amounted to about 340.3 million pounds in 2019, compared to 8.3 million pounds in 2018, an increase of 332 one million pound.
In the same context, the data issued by the Central Agency for Public Mobilization and Statistics monitored that the number of Protesto cases that were paid amounted to about 5446 cases in 2019, compared to 4,791 cases in 2018, an increase of 655 cases, by 13.7%, and the number of Protesto cases of non-payment reached 11 One thousand and 35 cases in 2019, compared to 12 thousand and 500 cases in 2018, a decrease of 1,465 cases, by 11.72%.
The merchant is considered bankrupt if he stops paying his commercial debts, as soon as he filed a lawsuit against the economic courts with the knowledge of the creditor.
As for the protesto, it is the lack of a sufficient balance in the bank for the value of the draft issued bill due to be paid by the merchant, which results in taking measures against him by awarding this bill through the court and taking bankruptcy procedures. Protesto is a stage prior to declaring bankruptcy.
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