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Kuwait: CLDP Provides Comprehensive Comments on Draft Kuwaiti Bankruptcy Law

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On May 2-3, CLDP organized a two-day workshop to review Kuwait’s new bankruptcy draft law, which was hosted by the UN Committee on International Trade Law (UNCITRAL) in Vienna. For U.S. companies, Kuwait’s current bankruptcy system is overly punitive, does not include a restructuring provision to preserve company value, and lacks the requisite transparency and predictability for creditors in the event of a liquidation. The two-day program provided the inter-agency Kuwaiti delegation with over 100 technical comments on the draft bankruptcy law.

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