Insolvency Module
Insolvency Module

Corporate governance and insolvency are closely linked. As acknowledged by the OECD Principles of Corporate Governance, the corporate governance framework should be complemented by an effective, efficient insolvency framework and by effective enforcement of creditor rights. Companies with a good corporate governance record reduce the risks of lenders and are often able to borrow more and on more favourable terms than their competitors with a poor governance record. Moreover, corporate governance in insolvent enterprises poses specific challenges. Legal frameworks often impose on directors of insolvent enterprises to act in the interests of creditors, and provide the latter with specific role in the governance of distressed debtors.

In order to take stock of the existing MENA frameworks and practices, raise awareness on existing international guidance on insolvency and establish a network of regional insolvency experts, the OECD and Hawkamah organised a meeting on Developing Sound Insolvency and Creditor Right Systems in the MENA. In doing this, the OECD and Hawkamah explored avenues for co-operation with its international and regional partners. The input of the private sector was sought in co-operation with INSOL International, the international organization of insolvency professionals.

Read More About the Module's Scope of Work

1st Task Force Meeting Synthesis Note - May 21, 2007, Cairo

Study on Insolvency Systems in the Middle East and North Africa.

Testimonials

  • The certified Board Secretaries Workshop provided by Hawkamah and Dubai Financial Market is an essential course for learning corporate governance, scope and responsibilities of the board secretary and understanding the governance and disclosure requirements of the Dubai Financial Market and the Securities and Commodities  Authority. It is a practical course which combined recent best practices and key learning lessons. I would highly recommend it for people involved in corporate governance and in particular in a listed company.

    Omran Al Zamani - Senior Legal Counsel - Dana Gas PJSC
  • Great program! Very well done and very useful information delivered in an excellent manner. The workshop was very inspirational, energizing, bringing lots of ideas, with both substantial and in-depth knowledge together with case studies. Well-balanced composition of participants, which contributed to interesting and focused discussions and exchanges. I would highly recommend it to anyone that is interested in improving their proficiency and core competencies.

    Hassan Murad Agha - Group Head of Compliance & Internal Control - Gulf General Investment Co. (PSC)
  • All companies should promote their boards, executive managers or staffs who have board responsibilities for subsidiary companies to attend corporate governance training. Hawkamah provides the ability for people and companies in the GCC to upskill in the area of corporate governance and directorship through a comprehensive programme teaching international best practice which has been tailored to regional specific governance issues.

    Alastair Mulligan - VP Asset Management - National Central Cooling Company PJSC (TABREED)
  • I am truly honored to attain this certification and I recommend the Compliance Heads of all DFM listed companies to participate and achieve this certification.

    Nabeel Mirza - Senior Director & MLRO - Compliance - GFH Financial Group B.S.C.
  • The workshop has added a level of professionalism to my practice. It addressed and discussed  the right concepts to promote better governance and effective support for business in line with rules and procedures.

    Osama Issaq Al Haj - Head of Legal & Board Secretary - Dubai Islamic Bank
  • A very interesting and informative course which has helped me to adapt my Board Secretary knowledge further to my role as Company Secretary.

    Hamad Al Hosani - Group Company Secretary - Emirates NDB Bank
  • Anyone who wants to enter the world of boards and governance; this is your passport.

    Jehad A. Kazim - Director - Legal Services Dubai Chamber
  • The Directors Development Program was one of the most beneficial programs I attend during my career life. The strength of the program comes from the way it was structured as each part covered very important aspects of the required management role.

    Nada Ishaq Abdul Karim - Manager - The Secretary of The Board of Directors - Bahrain Islamic Bank BSC
  • The DDP offered by the Hawkamah Institute is an excellent course to prepare directors to understand and fulfil their obligations properly as members of the board. I have benefitted immensely from this program and have started to implement some of the best practices taught on the boards that I am involved in.

    Amir Arab - Director - Havenvest Private Equity Middle East Limited
  • The Director Development Program is great way to gain insight and improved understanding in areas such as corporate governance and board functionality. I would highly recommend the program as a foundational step before they begin their board experience. Bindu Ann Joseph - Chief Operating Officer - 3W Networks

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