DEC discusses regional restructuring and insolvency practices

Dubai Economic Council (DEC) will soon provide an interactive platform for regional judges, practitioners, Islamic and conventional bankers and restructuring professionals from across the globe.

DEC wishes to discuss the regional restructuring and insolvency practices and the latest trends and developments in the field of legal and financial restructuring and insolvency.

The move is in strategic partnership with Hawkamah, and in collaboration with Dubai Judicial Institute, the International Financial Corporation, the World Bank Group, and INSOL International organized on Tuesday, the "Third Regional Judicial Colloquium in the MENA Insolvency and Restructuring" for two days, at Conference Center, DIFC, Dubai.

The event is an initiative of the Forum for Insolvency Reform in the Middle East and North Africa (FIRM).

Hani Al Hamli “the design and implementation of sound insolvency systems are key components of building effective business enabling environments”

In his welcome note, Hani Al Hamli, DEC Secretary-General stated that this colloquium stems from the policy-oriented awareness campaign that the DEC conducts in terms of its advisory role to develop and promote the laws and regulations that have direct impacts on the national economy.

“The sound framework of financial restructuring and bankruptcy is with exceptional importance to the UAE economy.. it stimulates all parties in the market to raise the productivity, innovation and thus to provide enhanced investment climate in more transparent and fair practices,” Al Hamli added.

Al Hamli points that bankruptcy laws would avail the trust of investors, foreign or local, on investment environment, to work on more protected atmosphere, mitigating risks and secure rights.

Al Hamli also argued that having such a law in place the country could raise its competitiveness edge in the global markets, and also maintain the financial market, and augment the SMEs. 

Under a changing world economy, risks are increased as well as the defaults of companies. Some of these companies tend to declare their bankruptcy, hence impacting the market particularly the creditors.

Accordingly, with an enhanced financial restructuring and bankruptcy law and given effective and fair jurisdictions to settle the disputes, we can secure the rights of debtors and creditors, meaning more flexibility in the economy and added value of businesses to the economy” Al Hamli stated.  

In this context, the DEC Secretary-General stressed that financial restructuring and bankruptcy law project drafted by the UAE government which is currently under the process of development is an episode of series laws and regulations that aim to align the UAE economy to the best international practices.

“The stated law would be a paradigm shift in the regulatory framework of the UAE, opening new horizons of development and growth” Al Hamli stressed.

Al Hamli ended that our collaboration with Hawkamah, beside other partners of international organisations and reputable legal firms would enhance the current debate about the prerequisites of having sound financial and regulatory frameworks to sustain our economies.

Dr. Sameer Al Ansari, Interim CEO Hawkamah delivered a welcome note titled “The Role of Corporate Governance in Strategic Restructuring”.

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