Hawkamah Organizes the First MENA Judicial Colloquium on Insolvency and Restructuring
Hawkamah Organizes the First MENA Judicial Colloquium on Insolvency and Restructuring
This website uses cookies in order to offer you the most relevant information. Please accept cookies for optimal performance. Find out more
×

Hawkamah, the Institute for Corporate Governance held the first Hawkamah MENA judicial colloquium at the Dubai International Financial Centre (DIFC) today. The two day event is being held in partnership with the Dubai Judicial Institute (DJI), DIFC Courts, and the Abu Dhabi Council for Economic Development, INSOL International, the World Bank group, International Finance Corp (IFC), The Abu Dhabi Judicial Department. Global law firm Latham & Watkins LLP is supporting the event.

The participants of the colloquium examined the legal and policy dimensions of insolvency and restructuring via case studies on restructuring and panel discussions on insolvency law. A representative from the UAE Ministry of Finance participated in opening the event.

The event is being organized under the umbrella of the Forum for Insolvency Reforms in MENA (the FIRM), the founding members of which are Hawkamah, the World Bank, INSOL International and the OECD.

Dr. Nasser Saidi, Executive Director Hawkamah and Chief Economist of DIFC said: “The main purpose of this colloquium is to highlight the fact that well established Insolvency Regimes and Creditor Rights Systems and frameworks are a critical part of market infrastructure and are a key standard for sound financial systems. The absence of efficient exit mechanisms would discourage the entry and financing of new businesses into a country’s markets, if they cannot be freed from the burden of past obligations.  Having said that the idea is not to provide defaulters with an easy way out of their liabilities, but to provide potentially viable, solvent, debtor companies with an appropriate framework for restructuring and reorganising their businesses, in order to survive financial and economic shocks, and continue their operations, instead of focusing only on liquidation. Enabling the restructuring and reorganization of companies is one of the most important features of a modern insolvency regime. UAE is unique in the sense that two insolvency systems are available in two jurisdictions:  one for the DIFC and one for the UAE. With the UAE in the process of issuing a new insolvency law, today’s forum provides an excellent platform to debate the nuances of insolvency and restructuring systems within the UAE, learning from international best practices and focusing on how to strike the right balance by aiming to have an internationally accepted yet practical Insolvency and restructuring law for the country”

“Given the effects of the global economic downturn, our region needs to review its insolvency laws and policies more closely and pursue higher judicial standards in these areas. The upcoming Colloquium’s inclusion of regional and global experts on insolvency and restructuring will enable participants to envision the development of laws and expertise that best suit the Middle East’s needs. We look forward to incorporating the results of the upcoming forum into the DJI’s own insolvency procedures as we further develop our expertise in the field,” said Dr. Judge Jamal Al Sumaiti, Director General of DJI.

The forum will also feature invitation-only closed session roundtables for ministries of justice, regulators, judges and insolvency professionals that will focus on judicial engagement and cooperative development.  

 

93_he-ahmed-mahmoud-al-hammadi

HE Ahmed Mahmoud Al Hammadi

93_dr-nasser-saidi

Dr Nasser Saidi

 93_dr-jamal-alsumaiti

Dr Jamal Alsumaiti

93_john-houghton_ahmad-anani_essam-al-tamimi_dr-jamal-alsumaiti

From left to right:

  • John Houghton
  • Ahmad Anani
  • Essam Al Tamimi
  • Dr Jamal Alsumaiti

Testimonials

  • "We extend our thanks and appreciation to Hawkamah institute for its cooperation and the effectiveness of the Director Development Program"

    Saeed Al Kaabi - Abu Dhabi Monitoring and Controlling Centre(ADMCC)

  • "The Director Development Program was very rich in useful information and added a lot to us, and the trainers’ experience, skills and capabilities had positive impact on delivering the information to us in a direct and clear manner"

    Hamad Al - Tamimi - Osool Asset Management

  • The corporate Governance in all type of entities adds morality and ensures implementation of the best practices to fulfill the responsibilities of those entities and to ensure the rights of all parties involved, especially those who have no authority to participate in the decision-making cycle.

    Hawkamah institute contributed to enrich the knowledge of these responsibilities and the role of governance for the success of institutional work in accordance with principles that establish values and ethics.

    Ajman Municipality

  • '‘Excellent, well delivered, informative program presented by well-seasoned trainers. The training program has helped transform and empower the Board’s vision and focus our minds on the relevant issues at hand. We sincerely thank you for the training sessions which helped broaden our perspective and decision making processes. We strongly recommend this training to elevate directors to the next level".

    Bank of Maldives

  • "I would like to thank Hawkamah for the ESG Reporting training , I found the two days ESG Reporting training very informative and helpful and I have definitely received some tools that I will use in my work"

    Rania Zaatari - Head of Makassed Communal Healthcare Bureau

  • "The DDP provides a solid foundation of corporate governance for existing and aspiring directors."

    David Haglund - Senior Executive Director and Portfolio Manager of the Templeton Frontier and MENA Market strategies

  • “Thank you so much for sharing such insightful webinar. It was great and valuable to all participate”

    Shady Rashed - Senior Economic Researcher at The Ministry of International Cooperation of Egypt

  • “Good session and very well organized on the webinar about How to buffer and lessen the impact of the novel Covid – 19, to maintain business sustainability with Hawkamah - AUB / Makhzoumi” 

    Bilal Hamade - Executive Advisor

  • "One of the best webinars I attended. Well done OSB Makhzoumi and Hawkamah”

    Fida Kanaan – Director – Executive education  OSB AUB

  • "A journey full of knowledge, experience and professionalism . I have learned a lot and definitely enjoyed the time I spent with my colleagues."

    Ibtihal Al-Shamali- Director of Corporate Governance- Capital Market Authority of Kuwait

Latest tweets

@Hawkamah
The Hawkamah Institute for Corporate Governance is proud to announce the joining of @mohapuae as a Gold Sponsor for… twitter.com/i/web/status/1…
twitter

Videos

Partners