VIENNA, Dec 8 (KUNA) -- The United Nations Commission on International Trade Law (UNCITRAL) opened on Monday the 67th session of Working Group V on insolvency law in Vienna, with the participation of Kuwait delegation from the Fatwa and Legislation, Counselors Hanan Al-Eidan and Kawthar Nouredin. Al-Eidan told KUNA at the start of the meeting, running until December 12, that participants will continue discussions on the draft Model Law on Insolvency, formally adopted by UNCITRAL in May 1997 to serve as a framework for countries when drafting national legislation governing insolvency cases, particularly those extending beyond national borders.
She said the model aims to support states in dealing with insolvency involving companies with assets or creditors in multiple jurisdictions, strengthening the international investment climate, protecting local and foreign creditors, reducing losses from cross-border bankruptcies, and building investor confidence through clear and transparent procedures.
She stressed Kuwait's participation reflects its ongoing efforts to develop its legislative framework, especially following the issuance of Law No. 71 of 2020 on bankruptcy, which established a comprehensive legal structure regulating preventive settlements, restructuring, and bankruptcy declarations. Al-Eidan added that the Kuwaiti law represents a significant step in supporting business stability and strengthening the country's position as a regional financial center through modern legislation aligned with international standards in dealing with corporate and individual insolvency cases, forming an essential awareness shift in addressing financial distress. (end) amg.sar