MENA Forum explores best practices in insolvency and restructuring

Doha: The Ministry of Commerce and Industry (MoCI)with the World Bank Group and INSOL International organised the Middle East and North Africa (MENA)...

Doha: The Ministry of Commerce and Industry (MoCI)with the World Bank Group and INSOL International organised the Middle East and North Africa (MENA) Forum on Insolvency and Restructuring Reform under the theme ‘Preserving Value through Efficient Restructuring and Exit.’

Delivering the welcoming remarks, Nasser Al Taweel, Director of Legal Affairs at MoCI said, “Indeed, we are going through delicate times, legally and economically. We need to develop the legal framework for the sake of sustainability. This forum is significantly important as it is held when we are witnessing developments in the legal framework in order to have an environment that is conducive to boost the economy.”

“Having entrenched splendid laws is of great importance as a guarantee for luring the investors. Indeed, FDIs are very important, especially when it comes to our economy,” he added.

During the last two years, MoCI deployed efforts to reach the first insolvency law in Qatar. “We want to attract investments, and following two years of diligent work and coordination, these efforts have culminated in putting into place of draft law. This law, if it is passed, it will affect positively the business environment. We have been cognizant of the fact that legislations are extremely important.”

Al Taweel said, this forum is extremely important to exchange insights between the insolvency administrators and experts. We need to put into place a solid system in accordance with the best practices.