Morocco: CLDP Supports High Level Conference on the Role of Bankruptcy in Attracting Investment

February 23, 2018

On February 23, CLDP co-sponsored an event in Marrakech with the Moroccan Association of CPA’s and the Moroccan Judicial Authority on the role of bankruptcy reform in improving Morocco’s investment climate. For the last 20 years, Morocco has been in the process of amending the bankruptcy provisions of its Commercial Code. Recently, Morocco’s cabinet approved a law that would revise these bankruptcy provisions, however the law has not yet been approved by Parliament. The goal of the Marrakech conference was to develop a roadmap for implementing the new provisions and to identify the tasks needed to successfully implement the new mechanisms, including a reorganization provision. Accountants, trustees, judges and senior officials from throughout Morocco attended the conference and engaged in collaborative discussions on how to ensure that the new law would serve the private sector and attract investment. CLDP has been working with Morocco for several years on the revision and has conducted workshops and conferences on preparing trustees and judges for complex reorganization cases. During the conference, CLDP announced its plans to continue and expand its assistance as the law gets closer to enactment. CLDP experts, including a US Federal Bankruptcy Judge and a bankruptcy practitioner, discussed lessons learned from the US model and the evolution of bankruptcy law in the US.