Hawkamah Symposium Issues Declaration on Insolvency and Creditor Rights Systems
Hawkamah Symposium Issues Declaration on Insolvency and Creditor Rights Systems
This website uses cookies in order to offer you the most relevant information. Please accept cookies for optimal performance. Find out more
×

The Hawkamah Institute for Corporate Governance's Symposium on Insolvency Systems and Creditors Rights yesterday (Wed 27th May) issued a Declaration that outlined a roadmap for the development of insolvency and creditor-rights systems in the Middle East and North Africa region.

Signed by the delegates at the Symposium, the Declaration reaffirmed the importance of sound insolvency and creditor rights systems to the development of the region's capital markets and private sector. It also called for the modernisation of insolvency and creditor rights regimes in the Middle East and North Africa (MENA) according to international best practices and standards, particularly the World Bank's Principles for Effective Insolvency and Creditor Rights Systems, and the UNCITRAL Legislative Guide on Insolvency.

The global financial crisis offers an opportunity to move ahead with financial reform and to build insolvency systems designed to address systemic risk and to build modern and efficient insolvency procedures, the Declaration pointed out. Though a "one size fits all" insolvency model is not effective, harmonisation of insolvency regimes will encourage more domestic and international investors and add value to the corporate and financial sectors, it said. The Declaration encouraged policy makers, legislators and regulators to work towards building and addressing the legal, regulatory and institutional frameworks necessary for sound insolvency regimes in the region. It also announced the establishment of a Regional Forum on insolvency and creditor rights which will aim to engage, educate, and inform more stakeholders on the reform process and serve as a platform for sharing policy and infrastructure best practices.

The Hawkamah Symposium on Insolvency Laws and Creditor Rights Systems in the MENA region was held in cooperation with Organisation of Economic Cooperation and Development (OECD), the World Bank, INSOL International, the Abu Dhabi Chamber of Commerce and Industry, the Abu Dhabi Center for Corporate Governance and Latham & Watkins on 26 and 27 May at the Abu Dhabi Hilton Hotel.

The first day of the event discussed the initial results of a first-of-its-kind survey on insolvency systems and creditors rights conducted in eleven jurisdictions including the UAE, Lebanon, Egypt, Jordan, KSA, Bahrain, Qatar, Oman, Yemen, and Palestine, as well as the Insolvency Law of the Dubai International Financial Centre (DIFC). In the survey that measured the quality and development of insolvency systems, the MENA region scored an average of 88 points compared to 124 scored by OECD countries in a recent survey that applied the same scoring system. In the survey's other findings, DIFC was ranked number one in an assessment of the insolvency systems of regional organisations, scoring 126 points out of a maximum of 155.

The second day of the Symposium discussed global financial crises and insolvency; policy options on insolvency frameworks; recent developments in the wake of the global financial crisis; regional restructuring; cross-border insolvency including INSOL and UNCITRAL Model Law and Court to Court protocols; the challenges involved in building global insolvency norms; and lessons from financial crises in the past and the need for preparing for the future.

The Symposium was attended by government policymakers and regulators, judges and lawyers, restructuring and insolvency professionals, bankers and accountants, auditors and financial forensic experts from across the MENA region. Key figures participating in the Symposium include HE Mahmoud Mohieddine, Minister of Investment in Egypt; Mahesh Uttamchandani, Senior Counsel at the World Bank; Dr Rainer Geiger, Senior Regional Advisor OECD; Robert Sanderson, President of INSOL International and Sumant Batra, Vice President, INSOL International; HE Khalfan Al Kaabi, Board Member ADCCI; Lubna Qassim, Executive Director, Legal and Regulatory Affairs Department, Dubai Economic Council; and William Foster, Executive Director Mudara Institute of Directors.

59

Dr. Nasser Saidi, Chief Economist of the DIFC Authority

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

Latest tweets

@Hawkamah
في إطار الجهود الحثيثة الداعمة لأهداف التنمية المستدامة في دولة الإمارات 2030 وخطة دبي الاستراتيجية . يشرف معهد حوك… twitter.com/i/web/status/1…
twitter
@Hawkamah
Hawkamah Institute is proud to support the work of the Dubai Sustainable Finance Working Group advance environment,… twitter.com/i/web/status/1…
twitter

Partners