The effects of the Lebanese commercial law amendments of 2019 on its business sector and its economical international position

Abstract

In 2019 Lebanese parliament voted law number 126/2019 amending the Lebanese overland commercial law. This amendment introduced lots of concepts to the Lebanese commercial law, and modified or removed some others. This research aimed at analyzing this amendment law in order to study its impact on the Lebanese business sector and the Lebanese business competitiveness and thus its position in comparison to international standards. The research started by stating the most important modifications and analyzing their influences in comparison to the old provisions, then comparing some of the new provisions to that of some Arabian countries notably the Kingdom of Saudi Arabia and Egypt, and to some other countries such as the United Kingdom, France, etc… The study shows that this amendment was a successful one, that revolutionized some aspect of the Lebanese business legal framework. On the other hand, this study shows that, in comparison to Arabian and Western countries, Lebanese commercial law was catching up on the new concepts and standards that were already in application in these countries. Nonetheless, the amendment will help Lebanon on the medium and long term develop and grow its economy, and will make conducting business in Lebanon easier and faster, and will make the business environment in Lebanon more secure, helping in attracting foreign investments to Lebanon.