The First MENA Forum on Insolvency, Business Restructuring and Investment Promotion

The forum's primary goals were to:
Highlight the significance of new restructuring mechanisms in assisting struggling businesses and fostering investment.Emphasize the role of specialized courts in managing insolvency and promoting alternative dispute resolution.
Review legislative and procedural reforms across MENA countries concerning bankruptcy prevention, restructuring, and insolvency.In his opening remarks, Minister Marawan underscored Egypt's commitment to attracting investment through a comprehensive development plan, citing recent decisions by the Supreme Investment Council to remove obstacles for both domestic and foreign investors. He also detailed the Justice Ministry's efforts, including proposed legislative amendments to laws governing restructuring and bankruptcy reconciliation, designed to enhance business efficiency and support struggling investors.

The minister stressed that the forum served as a vital step towards fostering legal cooperation, exchanging expertise, and harmonizing legal environments across the region to enrich investment and promote national development.

Key Attendees and Closing Remarks

The forum attracted high-level participants, including:

• Ministers of trade and justice from Egypt, Qatar, and Saudi Arabia.
• The President of the Supreme Judicial Council in Kuwait.
• Representatives from the Tunisian Ministry of Justice.
• Ambassadors from various Arab and foreign nations.
• Senior officials from the World Bank, International Finance Corporation, and INSOL International.
• Numerous judicial figures, legal experts, and representatives from entities involved in business restructuring and bankruptcy.
• In his closing speech, Minister Marawan reiterated the forum's success in addressing new investment challenges, advanced mechanisms, and alternative dispute resolution methods. He also highlighted the importance of judicial training and enhanced regional cooperation in these areas. He expressed gratitude to the organizers and participants for their contributions, hoping for continued productive dialogue and collaboration among MENA countries.

MENA Forum Recommendations

The forum concluded with several key recommendations:

• Regular Convening: Hold the forum consistently to ensure ongoing cooperation and knowledge exchange.
• Electronic Platform: Establish a permanent online platform for periodic reviews of insolvency laws and regulations in MENA countries.
• Alternative Dispute Resolution: Increase the use of alternative methods for resolving insolvency-related disputes.
• Asset Recovery Agreement: Draft a regional agreement for tracking and recovering assets.
• Legal Framework Review: Periodically review legal frameworks related to insolvency to integrate new developments.
• Technology in Judiciary: Implement technology in judicial processes to enhance the efficiency and accuracy of insolvency procedures.
• Continuous Training: Provide ongoing training on restructuring systems for judges and administrators.