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Transcript of MENA Roundtable on Insolvency and Restructuring Reform 2016/FinalFolder/MENA/MENA Finآ  MENA...

  • MENA Roundtable on Insolvency and

    Restructuring Reform

    Madinat Jumeriah Hotel Dubai, U.A.E.

    Sunday 24th January 2016

    Kindly supported by

  • Contents

    Page

    Background to the initiative 2

    Agenda 3-4

    Curriculum Vitae by session 5-33

    INSOL Mission Statement 34

    INSOL Group of 36 35

    1

  • Background information

    In December 2007 Hawkamah, the Institute for corporate governance, INSOL International, International Association of Restructuring, Insolvency & Bankruptcy Professionals, the World Bank Group and OECD launched a Regional Task Force on developing sound insolvency and creditor rights systems. The Task force also consisted of experts and officials from the MENA countries, including representatives of government agencies, banks, judiciary, regulators, the financial sector and insolvency professionals.

    The Task Force aims were to conduct an assessment of country level insolvency and creditor rights systems in the MENA region and propose recommendations on improving the systems and making them more effective. This assessment was based on the methodology of the World Bank Group’s Report on Observance of Standards and Codes (ROSC) program.

    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. Companies with a good corporate governance record reduce the risks of lenders and are often able to borrow more and on more favourable terms than their competitors with a poor governance record. Moreover, Corporate governance in insolvent enterprises poses specific challenges. Legal frameworks often impose on directors of insolvent enterprises to act in the interests of creditors, and provide the latter with a specific role in the governance of distressed debtors. Importantly, effective insolvency systems, based on developed legal frameworks and relying on a sound judicial system play a critical role for orderly exit of insolvent corporations and for the efficient reallocation of resources. 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 to MENA jurisdictions, in which insolvency frameworks have previously attracted little attention and thus there is an increasing pressure for rapid economic development and job creation. Comprehensive insolvency reforms are needed in the MENA region as existing insolvency regimes lack rescue and restructuring proceedings. Development of a suitable framework for cross-border insolvency which provides for rules of jurisdiction, recognitions of foreign judgments, co-operation and assistance among courts in different countries is required given the increase in foreign investment and in the number of mergers and acquisitions taking place in the region. There is no ‘one size fits all’ insolvency model fitting all countries however, there are important international reference points, such as the World Bank Principles for Effective Insolvency and Creditor Rights Systems and the UNCITRAL Legislative Guide on Insolvency, which could be of assistance to MENA jurisdictions, interested in strengthening their insolvency systems in line with recognized standards. Insolvency regimes in the MENA region need modernization and reform as markets open up and become internationally integrated. Since 2007, Hawkamah, INSOL International and World Bank Group have held a number of meetings to discuss issues of corporate governance and insolvency reform within the region. To capitalize on the work done to date and to provide a forum for the discussion of insolvency reform and how this can complement effective corporate governance, the MENA Roundtable on insolvency and restructuring reform was launched. Hosted by INSOL International, World Bank Group, Dubai Economic Council and Hawkamah, the roundtable will comprise of representatives from both the private sector and public policy makers, thereby encouraging reform experiences to be shared and challenges to be discussed in an open and frank forum.

    2

  • MENA Roundtable Agenda Sunday, 24 January 2016 Madinat Jumeriah Hotel Kindly supported by Brown Rudnick LLP 8.00-9.00 am Welcome Continental Breakfast Delegate Registration 9.00-9.15 am Welcome and introduction to the MENA Roundtable Neil Cooper, Past President, INSOL International Mahesh Uttamchandani, Global Lead – Credit Infrastructure,

    World Bank Group His Excellency Hani R. Al Hamli, Secretary-General,

    Dubai Economic Council 9.15-9.50 am Early warning signs for the Board to look out for in an

    underperforming company Moderator: Dr Ashraf Gamaleldin, CEO, Hawkamah 9.50-10.20 am The importance of flexible insolvency and restructuring regimes

    in preserving value in viable businesses and improving a country’s credit environment

    Moderator: Mahesh Uttamchandani, Global Lead – Credit Infrastructure, World Bank Group

    10.20-11.20 am The bankers’ perspective on the importance of workable

    restructuring procedures Moderator: Bruno Navarro, Fellow, INSOL International, Abu Dhabi

    Islamic Bank 11.20-11.40 am Coffee break 11.40 am-1.00 pm Peer-to-Peer Workshop on Insolvency Reform in MENA:

    A regional stocktake of law reform experiences and challenges Moderator: Neil Cooper, Past President, INSOL International

    • A review of the state the insolvency frameworks; • current proposals for reforms in different MENA countries; • a discussion of reform challenges specific to MENA; and • the importance of Sharia considerations in restructuring.

    1.00-2.00 pm Lunch 2.00-3.00 pm Building institutional capacity - Insolvency Practitioners Moderator: James Filpi, Senior Counsel, Commercial Law

    Development Program This session will focus on the contribution trained and qualified

    insolvency practitioners have in enhancing the efficiency and effectiveness of the insolvency system, current proposals for reforms and raising the professional standards.

    3

  • 3.00-4.00 pm Building institutional capacity – Judges and Regulators Moderator: Sir John Chadwick, Deputy Chief Justice, DIFC Courts

    The effective development of insolvency and restructuring systems that have the confidence of the international financial community depends on installation, training and development of the judiciary and regulators. This session will consider the challenges facing MENA countries and the deliberations of the INSOL-UNCITRAL-World Bank multinational judicial colloquiums.

    4.00-4.20 pm Coffee break

    4.20-5.20 pm Out-of-court restructuring in MENA Moderator: Fernando Dancausa, World Bank Group

    Informal and out of court restructurings have worked successfully even in those countries where formal restructuring regimes have yet to be developed and are an invaluable alternative to formal proceedings. Besides sharing experiences of some countries the international organisations will discuss the key features, processes, advantages and usefulness of OCCR followed by suggestions for reform in the region.

    5.20-5.30 pm Round up and recommendations

    4

  • Welcome and introduction

    5

  • 6

  • CURRICULUM VITAE

    Hani Rashid Al Hamli Secretary General, Dubai Economic Council (DEC) United Arab Emirates His Excellency Hani Rashid Al Hamli is the Secretary General of the Dubai Economic Council (DEC) since 2006. The Council envisioned acting as the strategic partner for the Government of Dubai in the economic- decision making. It provides policy recommendations and initiatives that enhance the sustainable economic development in the Emirate of Dubai. Prior to his service at DEC, Mr. Al Hamli held a number of senior positions in various government and private entities in Dubai such as the Executive

    Council-Government of Dubai, Dubai Chamber of Commerce and Industry, Investment & Development Authority, and Emirates Bank Group. Under his management of the DEC Secretariat, Al Hamli has realized many achievements for the DEC, notably the establishment of Dubai Competitiveness Center (DCC) in 2008; the DEC has embraced the stated center from 2008-2013. Additionally, Al Hamli initiated the “clusters development” and “macroeconomic modelling” for Dubai’s economy. Moreover, he has restructured the DEC Secretariat and established two affiliates that form together the think tank of the Council. Those include: the Economic Policy & Research Center (EPRC) and the Legal Affairs & Research Center (LARC). Most recently, Al Hamli created “Driving Innovation Spirit for Dubai” initiative in partnership with ‘Royal Philips’ aimed at enhancing the concept of innovation in the U.A.E. and strengthen the institutional capacities of Dubai’s businesses. Al Hamli strongly believes in the vital role of the strategic partnerships and alliances with local and international entities in order to exchange knowledge, advice and expertise in various issues. This vision has been translated into practical steps when the DEC has collaborated with a large number of governmental entities at both federal and local levels, world’s leading think tanks; and top companies from China to the Nort