A MENA Judicial Colloquium in Dubai.
It was organised jointly by Hawkamah, the Institute for Corporate Governance, Dubai Economic Council, the World Bank Group, INSOL International and the Dubai Judicial Institute.
The ‘Fourth MENA Judicial and Financial Colloquium on Business Restructuring and Recovery’ recently concluded, with experts debating the development and improvement of laws and practices dealing with legal and financial restructuring in the Mena region.
The Colloquium was organised jointly by Hawkamah, the Institute for Corporate Governance, Dubai Economic Council, the World Bank Group, INSOL International and the Dubai Judicial Institute. Representatives of local and federal departments, regulators, judges, lawyers, accountants, as well as representatives from family businesses, insolvency practitioners and restructuring professionals gathered at the event to discuss the latest developments in the sector.
In his opening note, Dr Abdulrazak Al Fares, deputy secretary-general for Economic Affairs, on behalf of Hani Al Hamli, Secretary General of the Dubai Economic Council stated that the best practices worldwide suggest that the design and implementation of sound restructuring and insolvency systems are key components of building effective business environments that respond to both investment promotion and crisis prevention.
“Precisely, having a rigorous and enhanced bankruptcy framework will not only provide sort of critical solutions to the problems arose in any business, which might spearheading to the default, but it also provides convenient, smooth, fair, timely and transparent investment atmosphere for all investors, foreign and local, to breathtakingly have to restructure their businesses and finance in a way that helps them to survive under a changing business environment,” Dr Al Fares said.
Al Fares also said that benchmarking the international best practices in various issues pertaining to the corporate and financial restructuring and bankruptcy should take into account the characteristics of the local economic system, social context and existing regulatory framework. He also suggested drawing lessons from the international best practices on how to employ the corporate restructuring and bankruptcy to support Dubai and UAE move to be the most innovative economy particularly under the recent initiatives launched by Dubai to that end.
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