Kathmandu, May 21: Entrepreneurs and the business community have demanded that a separate bankruptcy law should be worked out as the present one is not enough.

In the absence of a separate bankruptcy law, matters relating to it are settled as per some provisions stated in the civil code and the acts and legal provisions associated with fiscal institutions.

This was said in a seminar on bankruptcy law organized by the Nepal-USA Chamber of Commerce and Industry with a view to framing a separate law here today.

Minister for Law, Justice and Parliamentary Affairs Mahantha Thakur said it would encourage investors if their security and interests are guaranteed.

Stating that the government is doing necessary homework to work out an integrated bankruptcy law, he said that the suggestions of the seminar will be helpful for the government.

President of the Federation of Nepalese Chambers of Commerce and Industry Pradip Kumar Shrestha spoke of the need to analyze both positive and negative aspects of the law.

Suryanath Upadhyaya and Madhav Paudel had also underlined the need to release loans in productive areas.

President of the Nepal-USA Chamber of Commerce and Industry Narendra Kumar Basnyat presided over.