"A new project will strengthen Kuwait’s commercial law and regulation to be more responsive to the needs and aspirations of market participants and bring up to regional and international standards.
The World Bank team in Kuwait May 29-June 5, 2013, includes some of the world’s foremost experts on corporate rehabilitation, distress resolution, debt recovery, secured transactions, financial reporting, and judicial system strengthening. They will work with the Government on strengthening key aspects of the country’s insolvency and creditor/debtor regime. The team will provide support on a new law on enterprise bankruptcy and a framework for expedited court approval of distressed debt workout plans. It will include a new regime for the creation, registration and enforcement of security interests in movable and intangible assets, a strengthened framework for the collection and dissemination of commercial credit histories and the creation of a specialized commercial court.
The project, launched in March 2013 and expected to be completed mid-2014, will contribute to Kuwait’s vision of becoming a financial and trade center. "
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