• Home
• /
• Local business

Sound insolvency systems key to business enabling environments

The design and implementation of sound insolvency systems are key components of building effective business enabling environments.

Hani Al Hamli at the ‘Third Regional Judicial colloquium in the Mena Insolvency and Restructuring’ conference in Dubai on Tuesday. — Supplied photo

This was stated by Dubai Economic Council, or DEC, secretary-general Hani Al Hamli on the first day of the ‘Third Regional Judicial Colloquium in the Mena Insolvency and Restructuring’ conference in Dubai on Tuesday.

The DEC in strategic partnership with Hawkamah, and in collaboration with Dubai Judicial Institute, the International Financial Corporation, the World Bank Group, and Insol International organised the event, which is an initiative of the Forum for Insolvency Reform in the Middle East and North Africa (Firm).

The colloquium aims to provide an interactive platform for regional judges, practitioners, Islamic and conventional bankers and restructuring professionals in Mena and from all over the world to discuss the regional restructuring and insolvency practices and the latest trends and developments in the field of legal and financial restructuring and insolvency.

In his welcome note, Al Hamli 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,” he added.

He pointed out 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 argue that having such law in place the country could raise its competitiveness edge in the global markets, and also maintain the financial market, and augment the SMEs.

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