Kuwait : Fostering Sustainable Investment through Modern Commercial Law Systems

Kuwait : Fostering Sustainable Investment through Modern Commercial Law Systems

The Government of Kuwait (GOK) is now moving decisively to reform its insolvency and creditor/debtor regime (ICR). Stakeholders recognize that Kuwait's ICR system had fallen behind that required for a modern economy. The GOK's effort to e...

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Bibliographic Details
Main Authors:	Mako, William, Mokal, Riz, Cojocaru, Iulia, Johnson, Gordon W.
Format:	Brief
Language:	English en_US
Published:	World Bank, Washington, DC 2013
Subjects:	ACCESS TO FINANCE ACCESS TO INFORMATION ASSET BASES AUTO LOANS BANKING SUPERVISION BANKS BUSINESSES CAPITAL ADEQUACY CAPITAL MARKETS CENTRAL BANK COLLATERAL COLLATERAL REGISTRY COMMERCE COMMERCIAL COURT COMMERCIAL COURTS COMMERCIAL CREDIT COMMERCIAL JUDGE COMMERCIAL LAW COMMERCIAL LAW SYSTEMS COMMERCIAL LAWS COMMERCIAL LOANS CONSUMER CREDIT CONSUMER RIGHTS COPYRIGHTS CORPORATE WORKOUT COURT PERSONNEL COURT SUPERVISION COURT SYSTEM CREDIT ACCESS CREDIT BUREAU CREDIT HISTORY CREDIT INFORMATION CREDIT PROTECTION CREDIT PROVIDERS CREDIT RISK CREDIT RISK MANAGEMENT CREDITOR CREDITOR RIGHTS CREDITOR RIGHTS SYSTEM CREDITOR RIGHTS SYSTEMS CREDITORS CUSTOMS DATA FLOWS DEBTORS DISTRESSED COMPANIES DOMESTIC INVESTORS EFFECTIVE INSOLVENCY EFFECTIVE INSOLVENCY SYSTEMS EFFICIENT INSOLVENCY ENFORCEMENT MECHANISMS EQUITABLE TREATMENT ESTATE EXISTING CREDITOR EXIT MECHANISM FACILITATION FINANCIAL CRISIS FINANCIAL SECTOR FINANCIAL STABILITY FINANCIAL SYSTEM FORMAL INSOLVENCY FORMAL INSOLVENCY SYSTEM FORMAL REORGANIZATION FRAMEWORK FOR CROSS-BORDER INSOLVENCIES GROWTH POTENTIAL HOME MORTGAGES IMMOVABLE ASSETS INDIVIDUAL CREDITORS INDIVIDUAL ENTREPRENEUR INFORMAL DISPUTE RESOLUTION INFORMAL WORKOUT INFORMAL WORKOUT PROCESS INFORMATION ACCURACY INSOLVENCY INSOLVENCY LAW INSOLVENCY MECHANISMS INSOLVENCY PROFESSIONALS INSOLVENCY REGIME INSOLVENT INSOLVENT BUSINESS INSTITUTIONAL CAPACITY INTELLECTUAL PROPERTY INTERESTED PARTIES INTERNATIONAL BUSINESS INTERNATIONAL STANDARDS INVENTORY INVESTMENT CLIMATE INVESTMENT DECISIONS INVESTMENT VEHICLES JUDGES JUDGMENTS JURISDICTIONS KINDS OF ASSETS LEGAL FRAMEWORK LEGAL MECHANISMS LIMITED ACCESS LIQUIDATION LIQUIDATION LAW MEDIUM ENTERPRISES MOVABLE ASSETS MOVABLE COLLATERAL MOVABLE PROPERTY NEGOTIATION NON-PERFORMING LOANS OUT-OF-COURT WORKOUT OUT-OF-COURT WORKOUTS PRIORITY OF CLAIMS PRIVATE SECTOR PRIVATE SECTOR DEVELOPMENT REAL ESTATE RECEIVABLES REFORM PROGRAM REGISTERED SECURITY REGISTRATION SYSTEM REGISTRIES REGISTRY SYSTEMS REGULATORY INFRASTRUCTURE RELIABILITY REORGANIZATION RESTRUCTURING PLANS RESULT RETENTION RETURN SEARCHES SECURITY INTEREST SECURITY INTERESTS SOUND ASSET SOURCES OF INCOME START-UP STRONG CREDITOR RIGHTS SUSTAINABLE DEVELOPMENT SUSTAINABLE INVESTMENT TRADING TRANSACTIONS LAW TRANSPARENCY VALUATIONS
Online Access:	http://documents.worldbank.org/curated/en/2013/04/17617974/kuwait-fostering-sustainable-investment-through-modern-commercial-law-systems http://hdl.handle.net/10986/16124

Description
Summary:	The Government of Kuwait (GOK) is now moving decisively to reform its insolvency and creditor/debtor regime (ICR). Stakeholders recognize that Kuwait's ICR system had fallen behind that required for a modern economy. The GOK's effort to establish a modern insolvency and creditor rights system is driven by several considerations: first, consistent with its traditional strengths, Kuwait is seeking to transform itself into a regional financial and trading center, as expressed in the Amiri vision 2030 and the GOK's most-recent five-year development plan. Second, many of the difficulties afflicting the country's investment company sector, which started surfacing in 2008, still await fundamental resolution. Third, development of small and medium enterprises (SMEs) is essential to help the GOK meet its goals of diversifying the sources of income and encouraging young people to work in the private sector, in order to reduce the burden of the public sector. The GOK's reform agenda aspires to world-class standards, balancing international norms with solutions rooted in Kuwait's unique local customs. The consensus among stakeholders is that an effective insolvency regime would benefit the Kuwait economy.

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