MENA Roundtable on Insolvency and

Restructuring Reform

Madinat Jumeriah Hotel Dubai, U.A.E.

Sunday 24th January 2016

Kindly supported by

Contents

Page

Background to the initiative 2

Agenda 3-4

Curriculum Vitae by session 5-33

INSOL Mission Statement 34

INSOL Group of 36 35

1

Background information

In December 2007 Hawkamah, the Institute for corporate governance, INSOL International, International Association of Restructuring, Insolvency & Bankruptcy Professionals, the World Bank Group and OECD launched a Regional Task Force on developing sound insolvency and creditor rights systems. The Task force also consisted of experts and officials from the MENA countries, including representatives of government agencies, banks, judiciary, regulators, the financial sector and insolvency professionals.

The Task Force aims were to conduct an assessment of country level insolvency and creditor rights systems in the MENA region and propose recommendations on improving the systems and making them more effective. This assessment was based on the methodology of the World Bank Group’s Report on Observance of Standards and Codes (ROSC) program.

Market efficiency, corporate governance and insolvency are closely linked. As experience from both developed and emerging markets has shown, the corporate governance framework should be complemented by an effective, efficient insolvency framework and by effective enforcement of creditor rights. Companies with a good corporate governance record reduce the risks of lenders and are often able to borrow more and on more favourable terms than their competitors with a poor governance record. Moreover, Corporate governance in insolvent enterprises poses specific challenges. Legal frameworks often impose on directors of insolvent enterprises to act in the interests of creditors, and provide the latter with a specific role in the governance of distressed debtors. Importantly, effective insolvency systems, based on developed legal frameworks and relying on a sound judicial system play a critical role for orderly exit of insolvent corporations and for the efficient reallocation of resources. The most compelling lesson from a decade of Asian insolvency reforms indicates that implementation and institution building are equally important as law making. This is especially important to MENA jurisdictions, in which insolvency frameworks have previously attracted little attention and thus there is an increasing pressure for rapid economic development and job creation. Comprehensive insolvency reforms are needed in the MENA region as existing insolvency regimes lack rescue and restructuring proceedings. Development of a suitable framework for cross-border insolvency which provides for rules of jurisdiction, recognitions of foreign judgments, co-operation and assistance among courts in different countries is required given the increase in foreign investment and in the number of mergers and acquisitions taking place in the region. There is no ‘one size fits all’ insolvency model fitting all countries however, there are important international reference points, such as the World Bank Principles for Effective Insolvency and Creditor Rights Systems and the UNCITRAL Legislative Guide on Insolvency, which could be of assistance to MENA jurisdictions, interested in strengthening their insolvency systems in line with recognized standards. Insolvency regimes in the MENA region need modernization and reform as markets open up and become internationally integrated. Since 2007, Hawkamah, INSOL International and World Bank Group have held a number of meetings to discuss issues of corporate governance and insolvency reform within the region. To capitalize on the work done to date and to provide a forum for the discussion of insolvency reform and how this can complement effective corporate governance, the MENA Roundtable on insolvency and restructuring reform was launched. Hosted by INSOL International, World Bank Group, Dubai Economic Council and Hawkamah, the roundtable will comprise of representatives from both the private sector and public policy makers, thereby encouraging reform experiences to be shared and challenges to be discussed in an open and frank forum.

2

MENA Roundtable Agenda Sunday, 24 January 2016 Madinat Jumeriah Hotel Kindly supported by Brown Rudnick LLP 8.00-9.00 am Welcome Continental Breakfast Delegate Registration 9.00-9.15 am Welcome and introduction to the MENA Roundtable Neil Cooper, Past President, INSOL International Mahesh Uttamchandani, Global Lead – Credit Infrastructure,

World Bank Group His Excellency Hani R. Al Hamli, Secretary-General,

Dubai Economic Council 9.15-9.50 am Early warning signs for the Board to look out for in an

underperforming company Moderator: Dr Ashraf Gamaleldin, CEO, Hawkamah 9.50-10.20 am The importance of flexible insolvency and restructuring regimes

in preserving value in viable businesses and improving a country’s credit environment

Moderator: Mahesh Uttamchandani, Global Lead – Credit Infrastructure, World Bank Group

10.20-11.20 am The bankers’ perspective on the importance of workable

restructuring procedures Moderator: Bruno Navarro, Fellow, INSOL International, Abu Dhabi

Islamic Bank 11.20-11.40 am Coffee break 11.40 am-1.00 pm Peer-to-Peer Workshop on Insolvency Reform in MENA:

A regional stocktake of law reform experiences and challenges Moderator: Neil Cooper, Past President, INSOL International

• A review of the state the insolvency frameworks; • current proposals for reforms in different MENA countries; • a discussion of reform challenges specific to MENA; and • the importance of Sharia considerations in restructuring.

1.00-2.00 pm Lunch 2.00-3.00 pm Building institutional capacity - Insolvency Practitioners Moderator: James Filpi, Senior Counsel, Commercial Law

Development Program This session will focus on the contribution trained and qualified

insolvency practitioners have in enhancing the efficiency and effectiveness of the insolvency system, current proposals for reforms and raising the professional standards.

3

3.00-4.00 pm Building institutional capacity – Judges and Regulators Moderator: Sir John Chadwick, Deputy Chief Justice, DIFC Courts

The effective development of insolvency and restructuring systems that have the confidence of the international financial community depends on installation, training and development of the judiciary and regulators. This session will consider the challenges facing MENA countries and the deliberations of the INSOL-UNCITRAL-World Bank multinational judicial colloquiums.

4.00-4.20 pm Coffee break

4.20-5.20 pm Out-of-court restructuring in MENA Moderator: Fernando Dancausa, World Bank Group

Informal and out of court restructurings have worked successfully even in those countries where formal restructuring regimes have yet to be developed and are an invaluable alternative to formal proceedings. Besides sharing experiences of some countries the international organisations will discuss the key features, processes, advantages and usefulness of OCCR followed by suggestions for reform in the region.

5.20-5.30 pm Round up and recommendations

4

Welcome and introduction

5

6

CURRICULUM VITAE

Hani Rashid Al Hamli Secretary General, Dubai Economic Council (DEC) United Arab Emirates His Excellency Hani Rashid Al Hamli is the Secretary General of the Dubai Economic Council (DEC) since 2006. The Council envisioned acting as the strategic partner for the Government of Dubai in the economic-decision making. It provides policy recommendations and initiatives that enhance the sustainable economic development in the Emirate of Dubai. Prior to his service at DEC, Mr. Al Hamli held a number of senior positions in various government and private entities in Dubai such as the Executive

Council-Government of Dubai, Dubai Chamber of Commerce and Industry, Investment & Development Authority, and Emirates Bank Group. Under his management of the DEC Secretariat, Al Hamli has realized many achievements for the DEC, notably the establishment of Dubai Competitiveness Center (DCC) in 2008; the DEC has embraced the stated center from 2008-2013. Additionally, Al Hamli initiated the “clusters development” and “macroeconomic modelling” for Dubai’s economy. Moreover, he has restructured the DEC Secretariat and established two affiliates that form together the think tank of the Council. Those include: the Economic Policy & Research Center (EPRC) and the Legal Affairs & Research Center (LARC). Most recently, Al Hamli created “Driving Innovation Spirit for Dubai” initiative in partnership with ‘Royal Philips’ aimed at enhancing the concept of innovation in the U.A.E. and strengthen the institutional capacities of Dubai’s businesses. Al Hamli strongly believes in the vital role of the strategic partnerships and alliances with local and international entities in order to exchange knowledge, advice and expertise in various issues. This vision has been translated into practical steps when the DEC has collaborated with a large number of governmental entities at both federal and local levels, world’s leading think tanks; and top companies from China to the North America. These collaborations are inclusive of enhanced coordination and unified visions in many areas of common interest. China Council for the Promotion of International Trade (CCPIT), the U.S. Ex-Im Bank, and the US-UAE Business Council, Standard Chartered, and Deloitte are among those entities that the DEC linked in partnership projects with. Coupled with above, Al Hamli believes in ‘knowledge accumulation’ aiming at materializing the UAE vision 2021 and Dubai Plan 2021 which envisages the development of a knowledge-based economy. To this end, he sought to deploy the potentials of the DEC’s experts in developing policy proposals and initiatives in order to reach the best results in the context of economic decision-making, both at the local and federal levels. The DEC Secretariat General has conducted in-depth researches along with publications of reports, world-class books and numerous working papers. Additionally, the Council organized a number of hi-profile conferences, seminars, experts meetings and workshops on various economic issues of strategic importance for Dubai and the UAE. In 2014, Mr. Al Hamli has received many awards and certificates of appreciation from several high-caliber institutions around the world. Most recently, the University of the Chinese Academy of Sciences (UCAS) awarded him an Honorary Visiting Professor title at its Research Center for China Enterprise Management and Entrepreneur Supervisor for the role that DEC played over the past years to strengthen partnerships with various stakeholders and Chinese companies in the way that would enhance the bilateral economic and trade relations between Dubai and China. Also, in the same year, Al Hamli has been chosen by the Board of Trustees at Tatweej-Excellence Awards Academy and the Arab Organization for Social Responsibility as one of the best leading figures in the level of the UAE in recognition of his achievements and initiatives in many areas, which left footprints of successes. This included the ceremonial granting of Academy Award beacon crowning the lead in driving the national economy H.E. Sultan Bin Saeed Al Mansouri, UAE Minister of Economy.

7

Al Hamli is an associate member of many forums and associations where he has participated as a keynote speaker in many hi-ranking regional and global events. Some of these include the American Economic Association (USA), World Competitiveness Forum (Spain), World Economic Forum (Switzerland), Economic Research Forum (Egypt), Board member of Trustees at the Kuwait Centre for Knowledge Economy (Kuwait), the Annual Investment Meeting-AIM (UAE), and Young Arab Leaders (UAE) to name a few. He is also a Member of Board of Directors: Oman Insurance Company (UAE), Kuwait Center for Knowledge Economy (Kuwait) and The Competitiveness Institute-TCI (Finland) Mr. Al Hamli holds a Degree in business administration, Higher Colleges of Technology, (UAE). He has been also trained in several reputable international colleges and institutes: LSE (UK), IMD (Switzerland), Harvard (USA), INSEAD (France), Dubai School of Government (UAE).

Neil Cooper Past President, INSOL International Mr. Neil Cooper has been a specialist in asset recovery and cross-border insolvency issues since early in his career, when he joined a major international accountancy firm and undertook cases in the UK, Africa, the Pacific Rim, North America, Australasia and continental Europe. He was heavily involved in the formulation of the Model Law on Cross-border insolvency developed by the United Nations Commission for International Trade Law. He has assisted the World Bank developing

insolvency principles and guidelines and is considered one of the world’s experts in cross-border insolvency. Neil is past President of the International Insolvency Practitioners Association (INSOL International), the worldwide association of insolvency, and European Insolvency Practitioners Association.

Mahesh Uttamchandani Global Lead – Credit Infrastructure, World Bank Group Mahesh Uttamchandani is the World Bank Group’s Global Lead for Credit Infrastructure (Insolvency & Creditor Rights, Secured Transactions & Moveable Collateral and Credit Information), advising governments around the world on the development of insolvency, collateral, credit information and debt recovery systems. Prior to joining the World Bank, Mahesh was Insolvency Counsel to the

European Bank for Reconstruction and Development (EBRD), where he led the reform of insolvency systems throughout Eastern Europe and central Asia. Mahesh is a Canadian lawyer who practiced for several years exclusively in the area of insolvency and creditors’ rights at a leading Canadian law firm and has published and lectured extensively in North America, Europe and Asia. He is a board member of the insolvency related legal journal, International Corporate Rescue, as well as an Adjunct Professor of Law in the St. John’s University Law School LL.M in Insolvency; an Honorary Professor of Law at Nottingham Law School and a Board Director of INSOL International.

8

Early warning signs for the Board to look out for in an underperforming company

9

10

CURRICULUM VITAE

Dr. Ashraf Gamal El Din Chief Executive Officer, Hawkamah United Arab Emirates Dr. Ashraf Gamal El Din is the Chief Executive Officer of Hawkamah, the Institute for Corporate Governance, the DIFC. He is also a jury member of the Arabia CSR Award. Prior to joining Hawkamah, Dr. Ashraf was the Executive Chairman of Egypt Post. Before that, he was the Deputy Executive Director of the Egyptian Banking Institute, the training arm of the Central Bank of Egypt. He was also the founder and Project Manager of the Egyptian Corporate Responsibility Center working on promoting the

concepts and application of CSR in Egypt. Furthermore, he was the Executive Director of the Egyptian Institute of Directors (EIoD), the Institute of Corporate Governance in Egypt and the Arab Region. Dr. Ashraf served as a board member and head of the Audit Committee in a number of listed, non-listed, State Owned and family owned companies. He also served as a member of the General Assembly of the Holding Company for Transportation. Furthermore, Dr. Ashraf holds a PhD degree from Manchester University, UK, and a Master’s degree in Public Administration from Carleton University, Canada. He further holds a Bachelor degree in Business Administration from Cairo University with highest honor.

Ms. Ayesha Sultan Independent Non Executive Board Member, TECOM Group United Arab Emirates Ayesha Sultan has 16 years’ experience as a strategy and investment professional, across the industries of Transport and Logistics, Government, and Banking. She has worked in the UAE, UK and France, for multinational organizations, including DP World, PA Consulting Group, Royal Bank of Scotland, Pfizer, GlaxoSmithKline and Government entities. She currently serves as an Independent Non Executive Board member of

TECOM GROUP, a subsidiary of Dubai Holding, Chairman of the Audit and Risk Committee, and Vice Chairman of the Executive Human Capital Committee. She has also previously served on the Boards of DP World London Gateway Port, UK and DP World London Gateway Park, UK. Ms. Sultan holds an MSc. in Operational Research and BSc. in Mathematics and French from the University of Southampton, UK, and attended the Dubai World Leadership Programme with Wharton University USA in 2009. She is a Fellow and Chartered Director, of the UK Institute of Chartered Directors (MSc, BSc, CDir, FIoD).

11

Mr Nagesh Suryanarayana Managing Director, Protiviti Middle East United Arab Emirates

Nagesh Suryanarayana is a Managing Director responsible for Internal Audit and Risk Advisory Services in Protiviti Member Firm, UAE practice. He has over 14 years work experience in the areas of Internal Audit, Governance and Risk Management engagements. As a consultant he has gained his experience working with some of the big organizations across UK, Middle East and the Indian Subcontinent.

Throughout his career, Nagesh has gained a broad experience across numerous industries; with a specific focus on Corporate Governance and Internal Audit Advisory Services. His areas of specializations include establishing internal audit functions, benchmarking corporate governance frameworks, process reengineering, performing internal audit quality assessments, establishing ERM frameworks, developing delegation of authority matrices and conducting internal audits. He has moderated multiple board, audit committee workshops and has also spoken in various conferences.

Amid technological advancement, enhanced stakeholder expectations, heightened competition for talent and a global economy that remains uncertain, Board members are continuously striving to build world class Companies. In this conference, Nagesh will discuss ways in which we can draw experiences from our peers on what drives top-Company Directors in managing these push backs effectively and work smarter in managing group governance more effectively.

Ms. Lubna Qassim Executive Vice President, Group Company Secretary and General Counsel, Emirates NBD (PJSC) United Arab Emirates

Lubna Qassim is the Executive Vice President, Group Company Secretary & Group General Counsel of Emirates NBD Bank (PJSC). She is also, at present, the first female EXCO member of Emirates NBD. Previously, Ms Qassim has held positions as Director of the Department of Economic Legislations at the UAE Ministry of Economy and the Executive Director of the Legal and Regulatory Affairs Department at Dubai Economic Council; and was solely responsible of establishing the

Legal and Regulatory Affairs Department at both these institutions. Prior to that, Ms Qassim spent considerable years in the corporate practice offices of Clifford Chance both in Dubai and London.

Ms Qassim is the first UAE national to have worked at the World Bank as the Public Sector Consultant and at the House of Lords, Parliament of the UK. In 2013 she was selected by William Hague, United Kingdom’s First Secretary of State and Secretary of State for Foreign and Commonwealth Affairs, for her leadership skills to participate in the Future International Leadership Programme which took place in London.

Ms Qassim is a fellow at Dubai School of Government and also sits on the Global Economic Symposium Fellows Advisory Committee of the Kiel University of the World Economy and a member of the Advisory Committee of Dubai Women’s Establishment. In 2011 she was elected to sit on the Boards of the Chartered Institute of Securities and Investment (CISI) and Injaz UAE Foundation. Ms Qassim was also the first national to sit on the Committee of the British Business Group in Dubai and Northern Emirates in 2009 and in 2013 the British Business Group of Abu Dhabi as the UAE Alliances Director.

In 2015 Ms Qassim was elected by HH Sheikh Mohammed Bin Rashid Al Maktoum to sit on the Board of Dubai Women’s Establishment. Ms Qassim was also appointed as Founding Chair of the 30% Club GCC Chapter.

12

The importance of flexible insolvency and restructuring regimes in preserving value in viable businesses and improving a country’s credit environment

13

14

CURRICULUM VITAE

Tarek Hajjiri Director of Legal Policy, Dubai Economic Council United Arab Emirates Mr. Tarek Hajjiri is Director of Legal Policy at the Dubai Economic Council. In his role, Mr. Hajjiri advises on all legal and regulatory matters that effect the development of strategies and policies of Dubai’s economy. Mr. Hajjiri has represented the DEC in engagements with several international organizations including the World Bank, International

Monetary Fund. Prior to joining the government sector, Mr Hajjiri has established wide and extensive experience in private practice in the UAE, Jordan, Canada and USA, Mr. Hajjiri is a licensed arbitrator with Dubai International Arbitration Center. He also served as Regional Chief Legal Officer for multibillion dollar holding companies prior to joining the DEC. Mr. Hajjiri established the Corporate Social Responsibility division at the DEC, and created new strategies for promoting public private partnerships. In recognition of his exceptional accomplishments, Mr. Hajjiri was awarded the “Best Professional Achievement Award” for the year 2012 and 2014. Mr. Hajjiri holds Masters degree in Law and is currently pursuing a PhD in commercial law.

Mahesh Uttamchandani Global Lead – Credit Infrastructure, World Bank Group Mahesh Uttamchandani is the World Bank Group’s Global Lead for Credit Infrastructure (Insolvency & Creditor Rights, Secured Transactions & Moveable Collateral and Credit Information), advising governments around the world on the development of insolvency, collateral, credit information and debt recovery systems. Prior to joining the World Bank, Mahesh was Insolvency Counsel to the

European Bank for Reconstruction and Development (EBRD), where he led the reform of insolvency systems throughout Eastern Europe and central Asia. Mahesh is a Canadian lawyer who practised for several years exclusively in the area of insolvency and creditors’ rights at a leading Canadian law firm and has published and lectured extensively in North America, Europe and Asia. He is a board member of the insolvency related legal journal, International Corporate Rescue, as well as an Adjunct Professor of Law in the St. John’s University Law School LL.M in Insolvency; an Honorary Professor of Law at Nottingham Law School and a Board Director of INSOL International.

15

16

The bankers’ perspective on the importance of workable restructuring procedures

17

18

CURRICULUM VITAE

Robbie Harris Global Loans and Special Situations Group, HSBC Bank Plc UK Robbie has been with HSBC since 2005, joining into M&A in New York, before moving to focus on European and Middle Eastern deals. He has worked in multiple product areas over the last 10 years with a continued focus on capital structure advisory, restructuring advisory and more recently distressed credit trading across EMEA.

Recent relevant transactional experience includes an ongoing involvement in multiple ongoing restructuring scenarios in Europe, the Middle East, South America and Central America. Notable regional situations with which Robbie is familiar include Global Investment House, Dubai World, DIC, Dubai Group, Dubai Drydocks, GGICO, Al Jaber, SICL, AHAB, AWAL Limitless and other regional holdco structures.

Billy Mollison Central Bank of Bahrain Bahrain Billy has held senior level positions in the banking and financial industry for more than 25 years, including heading up Internal Audit and Risk Management functions in FOOTSIE and 100 and 250 companies. He currently heads in two of the largest insolvencies to have occurred in the banking world, with recognition of both in a number of jurisdictions. In addition he sits on the board of a major Islamic investment bank which is in the course of liquidation under the auspices of USA legislation. His exposure to, and substantial experience of, financial industry regulations, includes Sarbanes Oxley, Dodd Frank, and Basel related issues, gained at both the sharp end of banking and in a regulatory role. Billy is a Fellow of the IIA and holds several significant academic and vocational qualifications, and is a specialist in internal control, risk management, and fraud investigations.

19

Bruno Navarro Head of Asset Recovery Management, Abu Dhabi Islamic Bank (ADIB) Fellow, INSOL International United Arab Emirates Bruno Navarro is currently Head of Asset Recovery Management at Abu Dhabi Islamic Bank (ADIB), which he joined in January 2015. In the wake of the financial crisis, Mr. Navarro created ADCB’s Special Assets & Restructuring Department, which he has been heading for 4 ½ years. In his capacity, he resolved numerous complex restructuring cases in the region,

and sat in several creditors’ committees. Prior to this, Mr. Navarro had worked 16 years at the International Finance Corporation (IFC) – an affiliate of the World Bank – in 7 different countries. The last of which was Hong Kong where, as Chief of Special Operations for IFC, he managed complex workouts and insolvency proceedings in China. During the Argentine crisis (2002-2006), he was posted in Buenos Aires to lead IFC’s workout efforts in Argentina and Brazil. Earlier, he had spent four years in Jakarta (1998-2002) to head the Asia Crisis Task Force set up for IFC’s restructuring in S-E Asia. In 2006, Mr. Navarro founded the IFC’s Distressed Assets Practice Group, which objective was to develop non performing assets (NPA) resolution worldwide. In this context, he sat at the Board of several distressed asset management companies and advised governments on establishing such facilities. Bruno Navarro also worked for IFC’s Corporate Finance department where he was in charge of privatization projects in Ecuador and companies’ turn-around in Poland, stationed respectively in Quito and Warsaw. Prior to joining IFC, Mr. Navarro spent four years in restructuring advisory services in Europe, as well as microfinance in Africa and S-E-Asia. Mr. Navarro frequently provides lectures and training seminars related to topics of debt workout, corporate restructuring and turn-around. Mr. Navarro holds a master in Finance from the University of Paris and a post- graduate degree in Corporate Strategy from University of Paris and HEC. In 2008, he graduated as a Fellow of INSOL International’s cross-border insolvency practice course.

20

Building institutional capacity: Insolvency practitioners

21

22

CURRICULUM VITAE

James Filpi Senior Counsel with Commercial Law Development Program United States Department of Commerce USA James D. Filpi is a Senior Counsel with the Commercial Law Development Program (CLDP) in the Office of the General Counsel of the United States Department of Commerce. CLDP provides consultative services to assist political, regulatory, judicial and commercial leaders to augment their policies, laws and organizational structures in order to improve the legal environment for doing business around the globe. Mr. Filpi primarily

advises governments in North Africa, the Middle East, and Central Asia. Prior to joining CLDP, Mr. Filpi practiced law with the International Competition Group of the Washington, DC office of the law firm Goodwin Procter, LLP, where he advised foreign and domestic clients regarding commercial transactions, including mergers and acquisitions, federal administrative procedures, corporate restructurings, banking, and consumer protection. Prior to his legal career, Mr. Filpi managed research and development programs for the Washington, DC-based strategic research firm the Advisory Board Company and tracked commerce and trade legislation for a member of the United States Congress. Mr. Filpi received his Juris Doctorate from Georgetown University Law Center, where he served as a student representative in the Center for Applied Legal Studies, representing refugees from Western Africa. Mr. Filpi was a staff member of the Georgetown International Environmental Law Review and spent a portion of his legal study focusing on transnational law at the University of Hong Kong. Mr. Filpi also holds a Bachelor’s of Arts in Psychology from the University of Virginia. Mr. Filpi is a member of the American Bar Association Section of International Law and is Co-Chair of the Middle East Committee. Mr. Filpi is also a member of the Maryland Bar Association Section of Business Law and the District of Columbia Bar Association Section of International Law. Mr. Filpi is admitted to practice law in Maryland and the District of Columbia. Mr. Filpi formerly served as member of the Board of the LD Access Foundation, a not-for-profit organization that promotes rights for the learning disabled and is the founder of the St. Anselm's Abbey School Alumni Association Charity Golf Tournament in Washington, DC.

23

Ms. Louise Verrill Head of European Bankruptcy & Corporate Restructuring Group Brown Rudnick UK

Louise Verrill is a past President for the Insolvency Practitioners Association (IPA), the sole UK insolvency practitioner regulator, she is also a former President of the UK Insolvency Lawyers Association. Louise is a licensed insolvency practitioner and has practiced insolvency for 25 years.

Louise regularly represents major creditors and stakeholders both UK and internationally. She has extensive knowledge and experience of all areas of out-of-court and in-court turnaround and insolvency and capital market matters regularly operating across several jurisdictions at any time.

Louise has developed a national and international client base comprising financial institutions, bondholders, steering committees, equity holders, ad hoc committees, insolvency practitioners, major corporations and distressed companies.

Louise's international experience focus on restructuring assignments in Austria, France, Netherlands, Germany, Italy, Romania, Montenegro, Serbia, Czech Republic, Sweden, Norway, Denmark, Greece, India, Iceland, Spain, Middle East, China, Far East and all of the offshore jurisdictions. Many projects relate to infrastructure particularly energy, telecoms, financial products and government projects. She also advises on sovereign debt, regulation, asset management, impact of the EC Regulation, (COMI) issues, primary and secondary insolvency proceedings across the globe. She has also built a strong reputation in the consumer product and retail work out sector including complex lease portfolio work outs. She also has extensive experience in the pension restructuring arena, formerly acting for the Pension Protection Fund (UK Government Life Boat Scheme) and now corporates and pension trustees.

She has extensive knowledge and experience of all areas of out-of-court and in-court turnaround and insolvency and capital market matters regularly operating across several jurisdictions at any time. She has been involved in many high profile assignments including Bank of Ireland, Allied Irish Bank, Anglo Irish Bank, MG Rover, TXU, Euro Tunnel, Enron, Polestar, Lehman, Northern Rock, Powerhouse, Homburg Invest II, A-TEC, Pescanova, the Co-operative Bank Plc and Phones4u.

She is a regular conference speaker and contributor to leading publications. She has also had numerous roles within the Insolvency Profession including serving on the Investigation Committee of the ICAEW, rolling out the IPA self-regulation programme and examining candidates of the Joint Insolvent Board Exams.

24

Building institutional capacity: Judges and Regulators

25

26

CURRICULUM VITAE

Mark Beer Chief Executive and Registrar, DIFC Courts United Arab Emirates Mark is the Chief Executive and Registrar of the DIFC Courts, a Judge of the Courts’ Small Claims Tribunal, Chairman and the Courts’ Users’ Committee, a Member of the Rules Subcommittee, Registrar of the Special Tribunal Related to Dubai World and Chief Executive Officer of the Dispute Resolutions Authority. He is Vice President of the Middle East for the International Association for Court Administration. Under his management, the Courts have secured a reputation as one of the most

efficient commercial courts in the World. He had played a key role in the development of the Courts many formalized relationships with partner judicial systems in the region. He previously worked for MasterCard Worldwide, where he was Regional Legal Counsel for South Asia, Middle East and Africa and later, Vice-President, heading regional Government Relations and Corporate Services.

Sir John Chadwick DIFC Courts United Arab Emirates In January 2009, Sir John was appointed by HM Government as independent adviser in relation to the Equitable Life ex-gratia payment scheme. For more information about this work see The Office of Sir John Chadwick, www.chadwick-office.org/index.asp. During his career at the Bar John Chadwick has a heavy litigation practice which included banking, insurance, insolvency and commercial fraud. He

was standing Counsel to the DTI and sat as a Judge of the Court of Appeal of Jersey and Guernsey. Appointed in 1991 at the age of 50 as a High Court Judge, he sat in the Chancery Division for 6 years. He was elevated to the Court of Appeal in 1997, where he dealt with civil appeals from the Commercial Court and Chancery Division. He retired from the court in November 2007. In January 2008, Sir John was appointed a Lieutenant Bailiff of the Royal Court of Guernsey, and also sits as a Judge of the Dubai International Financial Centre Court, and as President of the Court of Appeal of The Cayman Islands.

27

Derek Oliver General Counsel, QFC Regulatory Authority Qatar

I was born and brought up in the Greater London area and am married with two daughters. Our family home is currently in Bisham, a small village in the Thames Valley, about thirty miles west of London.

I am a graduate of Emmanuel College, Cambridge (M.A (Law)) and was admitted as a Solicitor in England and Wales in April 1979.

My professional experience has been gained in a variety of capacities, including a period of three years working for the Hong Kong Government from 1982 to 1985. I have worked in the financial services field since 1986 with the majority of my experience in that time being in the capacity of Director of Legal and Regulatory Compliance at two of the derivative exchanges in London, during which time I gained significant exposure to the evolution of the regulation of exchanges and markets and clearing houses, both domestically and internationally. My interests include current affairs, sport (particularly Rugby Union and Cricket), literature, music, opera, ballet and gardening.

Hon. Justice Christopher S. Sontchi United States Bankruptcy Court, District of Delaware USA

Christopher S. Sontchi is a United States Bankruptcy Judge for the District of Delaware and a frequent speaker in the United States and internationally on issues relating to corporate reorganizations. He is a Lecturer in Law at The University of Chicago Law School. He is also a member of the National Conference of Bankruptcy Judges, American Bankruptcy Institute, Turnaround Management Association and INSOL International.

Judge Sontchi recently testified on the safe harbors for financial contracts before the U.S. House of Representatives Committee on the Judiciary. He has published scholarly articles on valuation, asset sales and safe harbors.

Judge Sontchi attended the University of North Carolina at Chapel Hill where he was elected to Phi Beta Kappa and obtained a B.A. with distinction in Political Science. He received his J.D. from The University of Chicago Law School, after which he served as a law clerk in the Delaware Supreme Court.

28

Out-of-court restructuring in MENA

29

30

CURRICULUM VITAE

Fernando Dancausa World Bank Group Fernando works on the Insolvency and Creditor’s Rights unit at the World Bank Group, which delivers technical assistance to governments on insolvency and alternative dispute resolution reforms. Fernando joined the World Bank Group in 2011, and is part of the global Credit Infrastructure team at the Finance & Markets Global Practice, based in Istanbul. Prior to joining the World Bank Group, he worked as a lawyer in private practice at the law firm Cuatrecasas, Goncalves Pereira in Madrid and

London, primarily working on Corporate and Insolvency matters. During his time in private practice, he participated in a wide range of corporate transactions and restructurings, including out of court workouts, sale of businesses as a going concern and judicial reorganizations. He is a graduate of Universidad Pontificia Comillas (Madrid), where he received a law degree and a business degree. He also holds a LL.M. degree in International Business and Economic Law from Georgetown University Law Center (Washington DC). PUBLICATIONS OF INTEREST

MODERNIZING COMMERCIAL LAW IN THE ARAB WORLD - Establishing a Regional Approach to Common Issues (June 2014).

31

Other Activities Instructor at : AUB , LAU, Haigazian, USJ 1981 - 1995 Lecturer with : Association of Banks - Lebanon

Institute of Banking Studies - Kuwait Union of Arab Banks

Author : Book - Credit Analysis 1993 Journal reports & Articles

- Mal and Alam - Iktissad wal aamal - An nahar news paper

Social Activities Appointed Member of Council of Ministers for restructuring Euromed 1992 Member in Association of Banks / Banking Studies 1993 - Mar 2015 Member and Past President of Rotary Club of Beirut 1987 - present Member of B.O.D of Al Riyadi Club 2007 - present President of Hammoud Family Association in Lebanon 2012 - present Member of Board of Trustees of Makassed Islamic Philanthropic Association 2014 - present

Samir Hammoud Head of Banking Control Commission Lebanon

Education BA Law - Lebanese University 2000 BBA Haigazian College 1978 MBA American University of Beirut 1981

Experience Chairman of Banking Control Commission - Lebanon Mar - 2015 BankMed Deputy General Manager – Head of Remedial

Mgt & Executive Committee Member 2000 - 2015

BankMed Head of Retail Banking 1993 - 2000

Allied Bank General Manager ( Risk) 2003 - 2005 Bank of Beirut & Arab Countries Senior Manager- Head of Credits 1980 - 1993 Commercial Bank of Kuwait Head of Corporate Finance 1988 - 1990 Credit Officer Rif Bank 1974 - 1980 Association of Banks in Lebanon Banking Studies Committee Member 1993 - 2015 Future TV Chairman - General Manager 2007 - 2011

32

Dr Adli Kandah Director General, Association of Banks in Jordan Jordan Dr Adli Kandah is the Director General of the Association of Banks in Jordan (ABJ) since July 2006. Before joining ABJ in 2006 he was the Economic Advisor for the Minister of Labor during the period 2005-2006, and the Manager of the “National Training & Employment Project”. He started his career in the Research Department at the Central Bank of Jordan in June 1990. He was delegated to work as an Economic Expert at Qatar’s Central Bank during the period (June 2001- April 2004); also he

was delegated to work in the “Privatization Unit” at the Prime Ministry of Jordan from 1997 until 1998. Dr. Kandah also enjoys academic experiences as he worked as a part-time Professor at the Jordan University, the University of Qatar, the Jordan Institute of Diplomacy and Mutah University. Also he enjoys memberships of several committees, and he has participated in many conferences, seminars and workshops. Dr. Kandah has numerous studies and has published researches in different areas in economics, trade, finance and banking. He has also published several books on privatization, Banks, Financial Crises and GATS agreements. He holds a PH.D. Degree in Economics from the University of Glasgow in the UK since 1996.

Mudassir Siddiqui Independent Shari’ah Scholar United Arab Emirates Shaikh Muddassir Siddiqui is uniquely qualified both as a Shari’ah scholar and as a U.S. trained attorney. Shaikh Siddiqui has Higher License (al-ijazah al-‘aliyah) from the Shari’ah College of the Islamic University of Madinah, Saudi Arabia. He has studied law at the University of London, Temple University Law Center, Harvard Law School and Chicago Kent College of Law.

Siddiqui is the Chairman of Islamic Finance Committee of the Fiqh Council of North America and a former Research Fellow at the International Shari’ah Research Academy for Islamic Finance, in Malaysia. He was a Partner and Head of Islamic Finance-Middle East in Dubai for SNR Denton (Dentons). Shaikh Siddiqui has served as the Senior Lawyer and Internal Shari’ah Supervisor of the Islamic Development Bank. He was a Senior Advisor to the Commercial Law Development Program (CLDP) at the United States Department of Commerce. He has served as the legal consultant to various Saudi government agencies over 25 years. He serves on the Shari’ah Supervisory Boards of Islamic Financial Institutions and serves as arbitrator in Dubai, ruling on controversies involving Islamic finance institutions and their clients. Siddiqui serves as expert advisor to law firms and their clients in litigations and controversies pending before courts and arbitration tribunals in the US and UK on issues involving Saudi/Shari’ah laws and practices as well as Islamic finance.

33

INSOL International Mission Statement INSOL International is a world-wide association of national associations of accountants and lawyers who specialise in turnaround and insolvency. There are currently over 40 Member Associations with over 10,000 professionals participating as members of INSOL International. Individuals who are not members of a member association join as individual members. INSOL also has ancillary groups that represent the judiciary, regulators, lenders and academics. These groups play an invaluable role within INSOL and provide valuable forums for discussions of mutual problems. INSOL was formed in 1982 and has grown in stature to become the leading insolvency association in the world. It is a valuable source of professional knowledge, which is being put to use around the world on diverse projects to the benefit of the business and financial communities. INSOL’S Mission INSOL with its Member Associations will take the leadership role in international turnaround, insolvency and related credit issues; facilitate the exchange of information and ideas; encourage greater international co-operation and communication amongst the insolvency profession, credit community and related constituencies. Our Goals: To work with and involve our Member Associations in our activities To implement research into international and comparative turnaround and

insolvency issues To participate in Government, NGO and intergovernmental advisory groups and

to liase with these institutions on relevant issues To assist in developing cross-border insolvency policies, international codes and

best practice guidelines To provide a leadership role in international educational matters relating to

turnaround and insolvency topics To facilitate the exchange of knowledge amongst our Member Associations

through our conferences and publications For further information on INSOL International please contact: Jelena Sisko, Membership Development Manager, 6-7 Queen Street, London, EC4N 1SP Tel: (+44) (0) 20 7248 3333 Fax: (+44) (0) 20 7248 3384 E-mail: jelena@insol.ision.co.uk

34

The Group of Thirty-Six features some of the most prominent and influential firms within the insolvency and turnaround profession. The aim of the Group of Thirty-Six is to work with INSOL to develop best practice guidelines and develop legislation to enhance the ability of practitioners globally to save businesses throughout the world.

AlixPartners LLP

Allen & Overy LLP

Alvarez & Marsal

Baker & McKenzie LLP

BDO LLP

BTG Global Advisory

Cadwalader, Wickersham & Taft LLP

Chadbourne & Parke LLP

Clayton Utz

Cleary Gottlieb Steen & Hamilton LLP

Clifford Chance LLP

Davis Polk & Wardwell LLP

De Brauw Blackstone Westbroek

Deloitte LLP

Dentons

DLA Piper

EY

Ferrier Hodgson

Freshfields Bruckhaus Deringer LLP

Goodmans LLP

Grant Thornton

Greenberg Traurig LLP

Hogan Lovells

Huron Consulting Group

Jones Day

Kaye Scholer LLP

King & Wood Mallesons

Kirkland & Ellis LLP

KPMG LLP

Linklaters LLP

Morgan, Lewis & Bockius LLP

Norton Rose Fulbright

Pepper Hamilton LLP

Pinheiro Neto Advogados

PPB Advisory

PwC

Rajah & Tann Asia

RBS

RSM

Shearman & Sterling LLP

Skadden, Arps, Slate, Meagher & Flom LLP

South Square

Weil, Gotshal & Manges LLP

White & Case LLP

35