Doha: The Middle East and North Africa (MENA) Forum on insolvency kicked off today under the theme "Preserving Value Through Efficient Restructuring and Exit: Best Practices and Innovative Policies in Insolvency". The two-day forum is organized by the Ministry of Commerce and Industry (MOCI) in cooperation with the World Bank Group and INSOL International. The opening session was attended by representatives from government and private entities in Qatar, as well as a select group of officials, experts, and specialists from various countries in the region and around the world. The session featured speeches by representatives of the organizing bodies, who addressed the importance of developing insolvency and restructuring systems, strengthening regional cooperation to exchange expertise, and adopting international best practices in this field.
According to Qatar News Agency, the first day of the forum featured a series of panel discussions and workshops where participants reviewed the experiences of several countries in developing legislation and implementation procedures in the field of insolvency. The sessions also addressed the most prominent current challenges in the region and discussed the latest practices related to improving the efficiency of bankruptcy proceedings, including electronic case management applications that contribute to expediting and enhancing the efficiency of these procedures.
The discussions also focused on ways to develop restructuring practices in the Middle East and North Africa region, encouraging company management and stakeholders to utilize the restructuring options available under insolvency laws. This includes legal incentives and overcoming the stigma associated with bankruptcy, as well as building a corporate culture of restructuring to contribute to business continuity and sustainability.
The forum program includes specialized sessions and workshops addressing the importance of building the capacity of professionals in the field of bankruptcy through an effective regulatory framework. This encompasses licensing and supervision, in addition to building the necessary skills to enhance their knowledge and expertise in handling restructuring and liquidation cases. The program also addresses the role of technology and artificial intelligence in enhancing the efficiency of legal and regulatory practices in this field. It includes a session discussing the relationship between government contract laws and insolvency laws, and a workshop on preventive insolvency tools and procedures, covering advanced restructuring strategies implemented globally, including early warning systems and pre-insolvency preventive frameworks.
The Forum aims to foster high-level dialogue between private sector actors, policymakers, academia, and the judiciary on insolvency, creditor rights, and restructuring law in MENA. It seeks to establish a forum for sharing experience and knowledge among international bodies, countries, and experts, and promote insolvency and restructuring reform in MENA. Additionally, it encourages the establishment of an annual forum to stimulate discussion and learning among policymakers and professionals across the region.
The second edition of the forum, established in 2023 by the World Bank Group and INSOL International, serves as a regional platform for the exchange of knowledge and experiences in the field of insolvency and restructuring.