Kuwait - trade receives from World Bank financial insolvency law in 27 October.

[Dinar_o'saurs]

 

09/06/2013

 

(menafn - al-anbaa ) The Minister of Trade and Industry, Anas interest on the date of the next meeting between the Ministry and representatives of the World Bank on 27 October next in the general headquarters of industry to review last stage of what has been done with respect to the draft law on financial insolvency.

This came during his statement to reporters last Wednesday after a meeting in his office with a delegation from the World Bank (Supervisory Committee on draft laws the organization insolvency creditors and the relationship between them).

Good, he added that it is important to clarify what some people have believed that this law rank type of purchase debt, he said, explaining that this is not true, but those laws the relationship of creditors each other.

He pointed out that the Expert visit the World Bank of Kuwait is the second, indicating that he had prepared a draft of the laws; the Ministry in several stages.

He pointed out that the workshops are held in the Central Bank with the banks, and was also held workshops with the Chamber of Commerce and the Federation of investment companies.

The saying: We have reached with this Committee during its meeting with the Ministry to determine the date of the forthcoming visit of representatives of the World Bank of Kuwait on 27 October to received laws put our observations by examining it.

He pointed out that the insolvency laws of the definition of the laws containing the actions of the Organization and the relationship between debt and creditors, including, indicating that part of the insolvency law laws of other credit law.

He expressed satisfaction with the level of interest of the rapid progress made in the government's program of action aimed at the reform of the insolvency law and relations a creditor or a debtor in Kuwait.

Assessment and the convening of the meeting between the Steering Committee of the Government and the Group of Experts of the International Bank located in Kuwait since two weeks ago, said Saleh: This program is a large project consisting of different elements we need to a series of wide-ranging reforms to contribute to the currency Kuwait to regional financial center capable of attracting finance and business functions and high-level professionals Kuwaitis.

He noted that the program of cooperation with the World Bank, which got the approval of the Council of Ministers in February, covering various aspects of a new law on the restructuring and liquidation of companies a new law on corporate debt restructuring voluntarily (i.e. outside the courts) and amendments to existing law to facilitate the use of the transferred assets (equipment, accounts the city) as collateral and the law on possible new instruments, securities and other secured transactions law and complex new credit on the preparation of reports and the provisions on strengthening reference records reference additional safeguards and provisions on strengthening the preparation of credit reports and strengthening the capacity of courts of Kuwait on the issuance of appropriate provisions in trade issues complex, revealing that the representatives of the World Bank met with the Council of the judiciary in Kuwait the World Bank adopted the idea of the establishment of commercial court (not the commercial transactions in ad hoc) The business to be time element to the value of the and that the judges who specialize in commercial and investment aspect.

Good predicted the end of the first phase of joint work between the Government and the World Bank in mid-2014.

Regarding his view on the subject of strengthening safeguards records good said: I think that there will be flexibility and easy with regard to credit during the coming period will be the banks that have altruism in its cooperation with the creditors, where it has no knowledge of the existence of assets.

From the other hand, good said: The Council of Ministers issued a resolution during the recent period, commissioned by the representative of the financial markets to participate in the Committee to complete the draft insolvency in record time and refer to others.

With regard to the foreign investor, said Saleh: the Council of the nation recently approved the investment promotion foreign investor Seri on the ground rules of the creditors in Kuwait and is in force internationally, taking into account the flavor Kuwait, which reflected positively to attract foreign investor of Kuwait.

and the real estate sector, said Saleh: Highest Rate of loans and guarantees, represented in real estate assets has touched upon the law to regulate the safeguards which would reflect positively on the organization of real estate market (in this part) during the coming period.

On his part, Dr. ريزموكال Section Chief, Department of insolvency and the Chairman of the panel of the World Bank's international action, saying: The World Bank is committed to help Kuwaiti authorities in dealing with all the relevant problems.

He stressed William Macau coordinator of the private sector, saying: Our goal is the application of the legal and regulatory reforms and institutional fully compatible with the culture of Kuwait and installation legal system suited the needs of Kuwait and reflect the international best practice, to accomplish this we listen to the views of a wide range of stakeholders.

He said that the World Bank and the Government are committed to prepare comprehensive measures in order to reach a basic reforms during last week refer to World Bank experts alternative reforms with a large number of representatives of the private sector in workshops organized by Central Bank of Kuwait Kuwait Chamber of Commerce and Industry and the Federation of investment companies, in addition to meetings with the Minister of Trade and Industry and Minister of Justice, the task team met with officials of the World Bank, the Central Bank of Kuwait and the capital markets and other stakeholders in the public and private sectors and the World Bank group presented its findings to the Steering Group, in turn, shows the government's official observations. It is expected that the team returns to the World Bank in Kuwait in some months, for the next round of technical consultations with concerned in this program.

The minister referred to the good elements of this work all are conducted in accordance with the established timetable is expected to be the next task of the World Bank in early October, to discuss in detail various drafts of new laws.

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