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

  • 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