On 28 April 2010, the Dubai International Arbitration Centre (DIAC), in collaboration with the Institute of Charted Accountants in England and Wales (ICAEW) Middle East, held a roundtable discussion for key figures in the accountancy profession to discuss their experiences of the existing UAE insolvency framework and to provide key recommendations on how it could be improved.
Entitled "Inspiring Business Confidence in the UAE through Effective Insolvency Systems", the open dialogue was attended by Dr Hussam Talhuni, Director of DIAC; Nizar Sardast, adviser at Dubai Chamber; Amanda Line, regional director of ICAEW Middle East and representatives of local and international accountancy firms.
According to Dr. Talhuni, previous roundtable discussions organised by DIAC have educated stakeholders on the application of international insolvency laws. However, the focus of this latest debate is on the development and implementation of a domestic insolvency framework that can help generate business confidence in light of the current, and developing, economic situation.
Said Dr. Talhuni: "The open discussion highlighted educated opinions on where the current system requires changes to be made so that entrepreneurship can be encouraged whilst the rights of creditors are protected. Such dialogues are part of DIAC's objective of raising awareness and updating the business community about the latest developments in dispute resolution and arbitration procedures which will directly help them improve their business performance."
Amanda Line, regional director, ICAEW Middle East, commented: "There is a clear need to reform UAE's insolvency laws as a more sophisticated insolvency regime plays an important part in increasing inward investment and confidence in the economy. We are pleased to have co-hosted this event with DIAC as it provided a platform for Dubai's accounting community to put forward the views of the profession and is a positive step towards implementing a strong insolvency framework in the UAE.
Line continued: "ICAEW has an extensive history in supporting the development of such frameworks around the world. Today's event was a huge success as we look forward to driving the debate further forward in the coming months."
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