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The events of the first regional conference to develop the bankruptcy system in the Middle East and North Africa kicked off on 24/11/2012 by signing two cooperation agreements between Egypt’s Ministry of Justice and the International Finance Corporation (IFC). The agreements tackle amending the legal system of bankruptcy in Egypt in a way that allows the restructure of defaulting companies to restore their commercial activity or dissolving them more quickly.
The first agreement is related to cooperation in the field of mediation and activating it as a trade and economic dispute-settlement tool through eased procedures. This could help attract more investments and achieve economic development. The second agreement tackled cooperation in the field of developing bankruptcy systems. It aims at training Egyptian judges on how to deal with the restructure of defaulting companies and how to use friendly means in dispute-settlement.
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