> lvi _MENA Report,_ Chapter 6 DIFC, Chapter 7 Egypt, Chapter 9 Kuwait, Chapter 10 Lebanon, Chapter 11 Oman. lvii Commercial Code of Morocco Article 579. lviii Egyptian Trade Law Articles 662-683 and 725-767. lix Jordan Companies Law Article 262, Jordan Commercial Code Articles 290-325.

> lx _Legal Benchmarks for Monitoring Implementation of Euro-Mediterranean Associate Agreements,_ by IRIS Center, University of Maryland, UNPUBLISHED DRAFT, August 2004, page 48.

> lxi _MENA Report,_ Chapter 14 Saudi Arabia, Chapter 15 UAE, Chapter 16 Yemen lxii World Bank Principles C6.2.

> lxiii _MENA Report,_ Chapter 7 Egypt, Chapter 8 Jordan, Chpater 9 Kuwait, Chapter 10 Lebanon, lxiv Jordan Companies Law Articles 261(a), 267 (b), 268(a), 269.

> lxv _MENA Report,_ Chapter 11 Oman, Chapter 14 Saudi Arabia. lxvi The Commercial Code of Morocco provisions on bankruptcy vest significant powers in the trustee, the Syndics. They appear to be governed by Book V of the Commercial Code.

> _lxvii UNCITRAL Legislative Guide on Insolvency Law_ , C.1. Reorganization Proceedings, recommending an automatic stay for a short time on all claims as a provision of an effective reorganization law.

> lxviii _MENA Report,_ Chapter 7 Egypt, Chapter 8 Jordan, Chapter 10 Lebanon.

> lxix _MENA Report,_ Chapter 7 Egypt, Chapter 8 Jordan, Chapter 10 Lebanon, Chapter 11 „oman, Chapter 15 UAE. lxx Commercial Code of Morocco, Articles 582 and 585.

> lxxi _MENA Report,_ Chapter 6 DIFC. lxxii Esteban C. Buljevic, “The workout decalogue: the enw global approach to debt restructurings”, Chapter 1, _Cross-Border Debt Restructuings: Innovative Approaches for Creditors, Corporates and Soveraigns,_ Euromoney Books, June 1, 2005.

> lxxiii <u>Uncitral Legislative Guide on Insolvency Law, Part One: II. B. Voluntary Restructuring Negotiations 1.</u> Necessary preconditions, pages 22-3. lxxiv William P. Mako, “Uses and Limitations of Out-of-Court Workouts: Lessons from East Asia”, World bank Global Forum on Insolvency Risk Management, Washington DC, 2003, page 19. lxxv William P. Mako, “Uses and Limitations of Out-of-Court Workouts: Lessons from East Asia”, World bank Global Forum on Insolvency Risk Management, Washington DC, 2003, page 4. lxxvi William P. Mako, “Uses and Limitations of Out-of-Court Workouts: Lessons from East Asia”, World bank Global Forum on Insolvency Risk Management, Washington DC, 2003, page 13. In the late 1990s, after attempting a purely consensual approach at first, and achieving negligible debt restructuring, the Thai authorities took more affirmative steps to encourage and become involved in corporate debt restructurings—with marked results. lxxvii William P. Mako, “Uses and Limitations of Out-of-Court Workouts: Lessons from East Asia”, World bank Global Forum on Insolvency Risk Management, Washington DC, 2003.

lxxviii Laryea, Thomas, “Approaches to Corporate Debt Restructuing in the Wake of Financial Crises”, IMF Staff Position Note, January 26, 2010. lxxix Laryea, Thomas, “Approaches to Corporate Debt Restructuing in the Wake of Financial Crises”, IMF Staff Position Note, January 26, 2010, page 9-10. Laryea calls government participation through a public entity to support restructuring an “intermediate approach” and states that it provides the best results among universally mixed results. lxxx Kingdom of Saudi Arabia, interviews with stakeholders.

> lxxxi _MENA Report_ , Chapter 7 Egypt, Chapter 9 Kuwait, report that negotiations between debtors and creditors are widely employed. Chapter 5, The Need for Insolvency Systems Reform in the MENA Region, informal negotiations are the norm between creditors and debtors in MENA countries.Comments by experts In the region suggest that is the preferred approach in other MENA countries and within bank practice as well. lxxxii <mark>“White & Case Advises on U.S. $1.7 Billion Global Investment House Debt Restructuring: First Restructuring</mark> <u><mark>of a Kuwait Investment House”, December 14, 2009, http://www.whitecase.com/press_12142009/</mark> ;</u> **<mark>“</mark>** <mark>Kuwait's Dar Gets Nod From 80% Of Creditors For Debt Plan” January 10, 2010,</mark> <u><mark>http://www.zawya.com/</mark></u> <mark>printstory.cfm?storyid=ZW20100109000086&l=044646100110; “Stimulus Package Finally Gets Go Ahead in Kuwait”</mark> http://www.arabianbusiness.com/552557-stimulus-package-finally-gets-go-ahead-in-kuwait-

lxxxiii http://www.arabtimesonline.com/NewsDetails/tabid/96/smid/414/ArticleID/148694/reftab/36/Default.aspx lxxxiv “Kuwait‟s Dar gets nod from 80% of creditors for restructuring plan”, Dania Saadi, Dow Jones Newswire, January 10, 2010, http://www.zawya.com/printstory.cfm?storyid=ZW20100109000086&l=044646.

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