Leading law firm assists in assessment of Kuwait’s insolvency, creditor and debtor regime
Kuwait, 2nd October, 2013: ASAR – Al Ruwayeh & Partners (ASAR), Kuwait’s leading and most prominent corporate law firm, and one of the region’s top tier firms announced today that it had acted as Kuwait local counsel to the World Bank as they undertook an assessment of the effectiveness of the Kuwait insolvency and creditor/debtor regime within the framework of the International Monetary Fund and World Bank Reports on the observance of Standards and Codes Initiative.
The study was conducted in collaboration with the authorities in Kuwait, including the Kuwait Ministry of Commerce and Industry using the World Bank’s Revised Principles and Guidelines for Effective Insolvency and Creditor Rights Systems of 2005 and the Recommendations of the UNCITRAL Legislative Guide on Insolvency Law which represent the international consensus on best practices and set forth a unified standard for ICR systems.
The new project aims to strengthen Kuwait’s commercial law and regulation to be more responsive to the current needs and aspirations of market participants and upgrade to regional and international standards. ASAR assisted the World Bank’s team in Kuwait which included some of the world’s foremost experts on corporate rehabilitation, distress resolution, debt recovery, secured transactions, financial reporting, and judicial system strengthening, contributed to Kuwait’s vision of becoming a financial and trade center.
“We are proud to have been of assistance to the World Bank in relation to the review of Kuwait’s current insolvency framework. Insolvency regimes have evolved over the years and Kuwait is taking steps towards improving the country’s framework of financial laws.” said Rob Little, partner as ASAR.
With dedicated offices in Kuwait and Bahrain coupled with its associated offices and relationships, ASAR provides clients across an extensive range of industry sectors with comprehensive legal advice and support for their business activities in Kuwait, across the GCC and beyond.
The firm has been consistently rated as the leading corporate and commercial law firm in Kuwait by reputable legal guides such as the Chambers Global Guide, International Financial Law Review and the Legal 500. In their annual law firm Global Guide for 2013, Chambers & Partners have exclusively ranked ASAR as Kuwait’s only tier 1 law firm for business law. In 2012, ASAR was named as the “Best Law Firm in Kuwait 2012” by the International Financial Law Review (IFLR), the market-leading guide for financial law firms worldwide. The firm also won the “Best Equity Deal in the Middle East” award by IFLR during the same year.