As part of the partnership between the Kingdom of Saudi Arabia -represented by the National Competitiveness Center- and the World Bank Group, the Knowledge Hub (K-Hub) organized a workshop titled “UNCITRAL Cross-Border Insolvency Framework" in Riyadh today. The workshop is organized in collaboration with the World Bank Group and the United Nations Commission on International Trade Law (UNCITRAL), aiming to enhance understanding of the Model Law, support judges in its effective application, and strengthen the Kingdom's investment attractiveness.
Organized by the K-Hub over three days, the workshop brings together 30 judges from the Kingdom of Saudi Arabia, the Kingdom of Bahrain, Kuwait, Qatar, Oman, and the Kingdom of Morocco. The program includes an overview of the UNCITRAL Model Law on Cross-Border Insolvency and its applications, as well as discussions on other UNCITRAL-adopted legal frameworks related to cross-border insolvency.
The workshop sessions will address the fundamentals and framework of cross-border insolvency, judicial provisions related to insolvency, mechanisms for direct access by foreign representatives & creditors, creditor protection, and the World Bank Group's Insolvency and Debt Resolution Program, alongside a review of selected judicial case applications.
The Knowledge Hub is a partnership initiative between the Kingdom of Saudi Arabia, represented by the National Competitiveness Center, and the World Bank Group. Its establishment followed the Bank's designation of Saudi Arabia as a global point of reference for knowledge and the dissemination of economic reform culture. This recognition stems from the Kingdom's pioneering experience in implementing transformative economic reforms, which now serve as a replicable model for countries worldwide seeking to enhance their competitiveness.
