Hawkamah

INSOL entered into an agreement with Hawkamah – The Institute for Corporate Governance a subsidiary of the Dubai International Financial Centre Authority in 2006 to work with the Institute to assist the countries and companies of the Middle East North Africa (MENA) region to develop sound and globally well integrated corporate governance frameworks. INSOL’s role will be to promote improvements to insolvency systems.

Hawkamah and INSOL aim to jointly identify and prepare proposals for suitable projects that may be undertaken to assist in the development of sound insolvency systems and good corporate governance in the MENA region.


January 2016

MENA Roundtable on Insolvency and Restructuring,
Sunday, 24th January 2016, Madinat Jumeirah Hotel, Dubai, UAE

The MENA Roundtable hosted by INSOL InternationalThe World Bank GroupHawkamahand Dubai Economic Council, is an initiative of the Forum For Insolvency Reforms in MENA(FIRM), which is the region’s only platform dedicated to discuss and debate Insolvency Reforms in MENA.

Market efficiency, corporate governance and insolvency are closely linked. As experience from both developed and emerging markets has shown, the corporate governance framework should be complemented by an effective, efficient insolvency framework and by effective enforcement of creditor rights.

The most compelling lesson from a decade of Asian insolvency reforms indicates that implementation and institution building are equally important as law making. This is especially important in MENA jurisdictions, in which insolvency frameworks have previously attracted little attention and in which there is an increasing pressure for rapid economic development and job creation.

The MENA Roundtable on insolvency reform will capitalize on the work done to date by FIRM and provide a forum for the discussion of insolvency reform and how this can complement effective corporate governance. 

It is envisaged the roundtable will comprise of representatives from both the private sector and public policy makers from the MENA region, thereby encouraging reform experiences to be shared and challenges to be discussed in an open and frank forum.

To view background information to the initiative and the full agenda click here

Participation is by invitation only.


Kindly supported by:




Brown Rudnick



March 2015

30th March 2015

MENA Judicial and Financial Colloquium

Flyer

Agenda and Speakers



March 2014
18-19 March 2014

Hawkamah, The Institute of Corporate Governance is co-organising with its partners INSOL International, Dubai World Economic Council, The World Bank and the International Finance Corporation the Middle East North Africa (MENA) Judicial & Financial Colloquium on Restructuring - Turnaround and Insolvency on the 18-19 March 2014 at the DIFC Conference Centre, Dubai.

The Colloquium will discuss the legal, financial and policy considerations to advance the development of an efficient insolvency and restructuring regime; identify the various judicial approaches needed to deal with the unique dynamics in these areas; share experiences among MENA regional judges and practitioners and prioritise policy options for greater alignment in the introduction of institutional reforms to support modernization of regional markets.

Please click here for full details of the programme. Registrations are now being taken details of the registration fees are available here. There are some sponsorship opportunities available. Please contact Ms. Jahanara Ahmad for further information at jahanara.ahmad@hawkamah.org



December 2012


It is proposed to hold a Hawkamah Judicial and Financial Colloquium, an initiative of the Forum for Insolvency Reforms in MENA (FIRM) in partnership with the DIFC Courts, Dubai Judicial Institute, The Abu Dhabi Council for Economic Development, the Abu Dhabi Judicial Department, INSOL International, The World Bank Group, The International Finance Corporation and the Institute of Chartered Accountants of England & Wales in early December.



October 2010


On the afternoon of the 31 October a meeting of the Forum for Insolvency Reforms in MENA (FIRM) was held and on the 2 November a meeting dedicated to the subject of Efficient & Effective Legal & Regulatory Framework for Insolvency Practitioners in MENA was held.

The Forum for Insolvency Reforms in MENA

FIRM Next Steps

The aim is for FIRM to meet twice a year once alongside the annual Hawkamah conference and one stand-alone meeting.

Efficient & Effectice Legal & Regulatory Framework for Insolvency Practitioners in MENA
Tuesday 2 November 2010

Delegates attended representing Jordan and Oman. Representatives from the OECD, IMF, Hawkamah and INSOL International were also present in addition to the speakers from the Insolvency practitioners Association, UK.

The meeting focused on:

How Insolvency Practitioners contribute in making the insolvency system efficient

Development of Insolvency Profession in MENA – current practices and reforms proposed

Efficient Legal & Regulatory Framework for Insolvency Professionals

Best Practice and Ethics in Regulation

FIRM can help provide technical assistance and share knowledge. Each country will be asked to provide a page outlining the insolvency regime in their country, these could then be shared and common areas can be identified.

It was recognised that reform in the insolvency process in the region would take along time and that we should develop a short, medium and long-term plan. If we look at best practices throughout the world this will assist the region in developing their own framework. Thanks were given to the IPA for coming forward and volunteering to share the UK experience. The meeting was attended by Carl Faulds, President of the IPA and David Kerr, Chief Executive of the IPA.

Dr. Bassam Al-Talhouni, the General Controller of Companies, Jordan gave an overview of the current situation in Jordan. Jordan is working on drafting a new insolvency law.

INSOL, the IPA, Hawkamah, IFC and OECD expressed their willingness to assist in whatever way possible to help the countries in their insolvency reforms.



MENA May - November 2009

The 2009 regional symposium on insolvency laws and creditor rights systems organised by Hawkamah, in association with the OECD, the World Bank Group and INSOL International on May 26-27, 2009 in Abu Dhabi, UAE (Symposium) brought together officials from MENA countries.

Towards the end of the second day of the Symposium, a declaration called the "Hawkamah Declaration" was issued affirming the commitment to modernise insolvency regimes in the MENA region.

One of the key resolutions of the Hawkamah Declaration was the commitment to establish a regional forum on insolvency reform, the purpose of which is to engage, educate and inform stakeholders about insolvency reform and to serve as a platform for sharing international and regional best practice and experiences.

In November, 2009 at the Hawkamah Regional Conference in Dubai, UAE, a joint regional survey (Survey) on insolvency systems in MENA was officially launched. The survey conducted jointly by Hawkamah, the World bank Group, the OECD and INSOL International, with the support of PricewatergouseCoopers LLP and Korn/Ferry International, disclosed significant limitations in the design and implementation of insolvency regimes in the MENA Region.

Hawkamah disseminated the Survey to Ministers, regulators, lawmakers, accountants, auditors, bank and non-bank corporate sector, media and academia. MENA Survey into Insolvency & Creditors Rights

A number of countries in the MENA region have begun to undertake reforms of their insolvency regimes and in the time elapsed since the Hawkamah Declaration and the launch of the Survey, the need for such a platform has become even more acute, as evidenced by, inter alia:

The challenges posed to policy makers by the financial crisis, as they attempt to stabilise financial markets and curtail economic disruption;

The rise in both personal and corporate bankruptcy filings around the world;

The reluctance, in the MENA region, of enterprises to file for bankruptcy protection and the limits posed by the legal framework in achieving successful business turnaround and restructuring;

THEREFORE, on the occasion of the INSOL International regional conference, a first regional FIRM roundtable was organized by Hawkamah, in association with the, the World Bank Group, OECD and INSOL International on February 24, 2010 in Dubai. The meeting brought together officials, policy makers and representatives from UAE, Turkey, Tunisia, Oman, Egypt, Qatar, Saudi Arabia, Lebanon and Jordan (the Participants). Hawkamah HEREBY calls upon MENA countries and regional and international institutions to:

ACKNOWLEDGE

RECOGNIZE

REVIEW

STUDY

RECOGNISE

DISCUSS

CONSIDER

STRENGTHEN

STRENGTHEN

MAKE AVAILABLE

PARTICIPATE

ENGAGE

ACTIVELY WORK WITH THE FIRM

Holding regular FIRM regional roundtables in the MENA region, hosted by participating countries ;

Widen the participation of relevant stakeholders from the region in the FIRM roundtables;

Produce analytical policy oriented research material ( 2 per year), focusing on developing a regional real life case study on insolvency/restructuring and cross border insolvency, the economic cost of not doing restructuring ; the statistics in the region for out of court settlements/Informal workouts and other topical issues;

Hold 1-2 workshops /public awareness sessions per year in the countries of the region;

Create a resource-webpage with material on Insolvency in English and Arabic;

Make available documents, toolkits & resources on insolvency and debtor/creditor rights in Arabic;

Identify countries and organisations to provide the necessary financial and non-financial resources to help Hawkamah act as Secretariat of the FIRM and to work with its partner organisations to implement the Insolvency Reforms;

Approach regulators, policy makers and institutions working in the region to assist in the implementation of policy reform recommendations;

Developing training programs for practitioners, regulators and judges; and Organizing and hosting the second meeting of the FIRM in 2010 to: - bring together international, regional and country-level bodies engaged in insolvency reforms, - disseminate international and regional experiences in order to increase the understanding for viable policy options, - engage the relevant stakeholders and - identify resources and priorities for Research on Insolvency.





November 2008

The Third Annual Hawkamah Conference was held in Doha, Qatar followed by a workshop on Insolvency and creditor rights systems.



November 2007

As a part of the initiative of cooperating with Hawkamah in the MENA region, INSOL, together with the Hawkamah partners viz. OECD, International Finance Corporation (World Bank Group), Global Corporate Governance Forum, Center for International Private Enterprise, Union of Arab Banks and others supported the conference organised on November 26-27, 2007 in Dubai, U.A.E. titled, "Towards Sound and Efficient Financial Markets and Banking Systems".

The conference was attended by over 260 participants comprising the policy makers from the MENA region, representatives of participating institutions and organisations, international experts and others.

INSOL organised a technical session on Insolvency & Corporate Governance with James Garrity, Bankruptcy Business & Administrative Attorney, Shearman & Sterling and Maggie Mills, Corporate Restructuring, Ernst & Young LLP and Dr. Rashad Othman, New Vision Business Consulting, Jordan and Bill Gambrill, General Manager, ILS Daman Limited, UAE comprising the panel. Mahesh Uttamchandani, World Bank, Senior Counsel, Insolvency & Creditor Rights made a key note speech. The panel was chaired by Sumant Batra. The panel was very well received.

The input of the private sector was sought, in co-operation with INSOL International, the international organisation of insolvency professionals.

The meeting was co-hosted by Egypt’s General Authority for Investment and Free Zones and the Egyptian Institute of Directors.

The meeting brought together experts from Bahrain, Egypt, Jordan, Lebanon, Morocco and the United Arab Emirates, together with experts from OECD countries as well as from international and regional organisations. They included representatives of MENA Ministries of Justice, Ministries of Finance, Central Banks, representatives of the judiciary, the financial sector and insolvency professionals. The participants attempted to identify priorities for insolvency reforms in the MENA and options for regional co-operation and dialogue on the topic.


Dubai Declaration


Based on the feedback from the panel organised by INSOL, in the historical "Dubai Declaration" made after the conference, it was noted:


"In particular, participants stressed the need for modernising the legal framework, providing a more active role to creditors and setting the terms for rescue and restructuring of distressed debtors. Institutional capacity building with a special focus on the role of the judiciary, the insolvency professionals and the state agencies, monitoring company performance should constitute a priority aswell."



May 2007

A meeting on Developing Sound Insolvency and Creditor Right Systems in the MENA was held on the 21 May in Cairo.

The MENA - OECD Investment Program, in cooperation with the Hawkamah Institute for Corporate Governance, the World Bank and INSOL International organized a regional meeting on developing sound insolvency and creditors rights systems in the MENA. The purpose of the meeting was to expand the scope of the MENA - OECD Working Group on Corprate Governance, take stock of existing insolvency legislation, highlighting existing gaps, address key issues of reform ans establish a network of insolvency experts for the MENA region.

The input of the private sector was sought, in co-operation with INSOL International, the international organisation of insolvency professionals.

The meeting was co-hosted by Egypt's General Authority for Investment and Free Zones and the Egyptian Institute of Directors.

The meeting brought together experts from Bahrain, Egypt, Jordan, Lebanon, Morocco and the United Arab Emirates, together with experts from OECD countries as well as from international and regional organisations. They included representatives of MENA Ministries of Justice, Ministries of Finance, Central Banks, representatives of the judiciary, the financial sector and insolvency professionals. The participants attempted to identify priorities for insolvency reforms in the MENA and options for regional co-operation and dialogue on the topic.



October 2006

INSOL entered into an agreement with Hawkamah - The Institute for Corporate Governance a subsidiary of the Dubai International Financial Centre Authority in 2006 to work with the Institue to assist the countries and companies of the Middle east North Africa (MENA) region to develop sound and globally well integartaed corporate governance frameworks. INSOL's role will be to promote improvements to insolvency systems.

Hawkamah and INSOL aim to jointly identify and prepare proposals for suitable projects that may be undertaken to assist in the development of sound insolvency systems and good corporate governance in the MENA region. to design and implement future goals, which include, but are not limited to: national and international organizations, expert non-governmental bodies, the FIRM and other donors and aid organizations in the support of implementing insolvency reforms in the MENA region; and actively in future FIRM events, recognizing the critical importance of peer-to-peer learning as a tool for the improvement of insolvency regimes in MENA; to the FIRM all public data on insolvency cases in their respective countries; the performance of courts that have jurisdiction over insolvency cases, whether through the development of special claim financial courts, the introduction of case management tools, the streamlining of court processes or other methods suitable for individual countries; the institutional framework of insolvency regulators to improve the performance of insolvency office holders across the region; the specific needs of small and medium enterprises (SMEs), which constitute a significant portion of MENA economies3, when designing insolvency systems – in order to promote inter alia, access to credit for SMEs; how Islamic finance transactions should be treated in cases of insolvency, so as to provide clarity and transparency to the market; the critical importance of integrating the private sector in any reform initiatives; the effectiveness of liquidation and rescue procedures; the results of the Survey and undertake internationally recognized diagnostic efforts to design reform initiatives in the region; the need to modernize insolvency regimes across the region in a way that is consistent with existing legal structures and responsive to existing business practices in the region; the benefits of sound insolvency systems for the efficient reallocation of resources and as part of the broader private sector development programme;


31 October 2010
Al Bustan Palace Intercontinental Hotel, Muscat, Oman

The meeting was well attended with over 20 participants representing 8 countries from MENA and representatives of OECD, Hawkamah, The World Bank Group, INSOL and the IPA.

The meeting focused on the following topics: Restructuring and Liquidation systems in the MENA Region ; Experience of the Forum for Asian Insolvency Reform (FAIR) and then reviewed the future objectives of FIRM.

It was agreed that FIRM will continue for a number of years to work with countries in the region who want to improve their corporate governance and insolvency systems. FIRM with the support of Hawkamah, INSOL International, IFC and OECD can provide technical assistance, engage with the judiciary to provide training and help develop a professional regulated insolvency profession.
Hawkamah held their annual conference " A new leaf: The growth of corporate governance in the region" in Muscat, Oman 31 October –1 November. The Muscat Declaration on Effective Implementation of Governance frameworks in the Middle East and North Africa Region was issued at the conclusion of the conference.MENA Judicial & Financial Colloquium on Insolvency and Restructuring -
Regional Perspectives & International Experiences
5th - 6th December 2012, Dubai, UAE

December 2011

Hawkamah held a Judicial Colloquium in Dubai as an initiative of the Forum for Insolvency Reforms in MENA in partnership with DIFC Courts, Dubai Judicial Institute, The Abu Dhabi Council for Economic Development, INSOL International and International Finance Corporation. On the first day it covered lessons learned in the first wave of MENA restructurings and on the second day a closed judicial meeting took place.






Page last modified: 1st December 2015

©2016 ©2017 Copyright INSOL INTERNATIONAL. All Rights Reserved. Registered in England and Wales, No. 0307353.
INSOL, INSOL INTERNATIONAL, INSOL Globe are trademarks of INSOL INTERNATIONAL.
Devon web design and hosting by pulse8