Speaking at the seminar, Advisor of the Supreme Judicial Council Dr. Aseel Zimmo highlighted the importance of the bankruptcy and reorganization law, explained the proceedings, and exhibited actual cases referred to the court. She named challenges curtailing the smooth implementation of the law, key among which the inadequacy of the financial statements presented by the litigating parties, and their reluctance to compromise or coordinate. Dr Zimmo also spoke about the complex nature of bankruptcy and reorganization cases, particularly given the large number of stakeholders, and proposed reverting to other means of settlement such as mediation, prior to referring to the court.
For his part Bahrain Chamber’s bureau member Mr Basim Al Saie reinstated the importance of the bankruptcy and reorganization law in advancing the business ecosystem in Bahrain and encouraging investments. He underlined the keenness of the Bahrain Chamber, as the representative of the private sector, on joining efforts with the Ministry of Justice and Bahrain Bar Society (BBS) to further develop the law.
It is worth noting that organizing the seminar comes withing the framework of the Chamber’s executive plan for the year 2023, pertaining to raising the awareness of the private sector of relevant laws and regulations.