Projects

Hawkamah/World Bank/OECD/INSOL International

The completed Survey on Insolvency Systems in the Middle East and North Africa, was launched at Hawkamah Institute for Corporate Governance, 4th Annual Conference on 9/10 November 2009. To view this survey click here.

Data has been gathered on 11 jurisdictions in the MENA region, including the DIFC, Egypt, Jordan, Kuwait, Lebanon, Oman, Palestine, Qatar, Saudi Arabia, UAE and Yemen. The survey questionnaire was based on the World Bank’s Principles for Effective Insolvency & Creditor Rights Systems of 2005 as indicator of best practice.

This survey represents the first-ever regional, comparative survey of insolvency systems in the MENA region. This work constitutes a first step in raising awareness within the region for meaningful legal reform in the area of insolvency and creditor rights, the importance of which has been made clear in the course of the recent financial crisis. Although this is very much a preliminary overview, we are hopeful that this survey, as part of the wider MENA Initiative, will encourage MENA countries to push forward their legislative and institutional reform programs in this area.

We are very grateful to all those listed in the report for contributing to this project and bringing it to fruition.