Morocco: CLDP Workshop Assists Stakeholders Implement New Bankruptcy Law

November 13, 2019 - November 14, 2019

On November 13-14 , CLDP conducted a workshop in Casablanca, Morocco on the implementation of Morocco’s new bankruptcy law, which was passed last year. Prior to the passing of the new law, bankruptcy had presented a significant legal risk for US companies and investors doing business in Morocco as the legal framework lacked sufficient protections and predictability for creditors investing in Moroccan companies. The workshop, which is part of CLDP’s multi-phase bankruptcy programming, focused on the restructuring mechanism and the role of each stakeholder in maximizing the chances of success for failing companies. The workshop faculty included two US Federal Bankruptcy judges from New York and Maryland, in addition to two bankruptcy practitioners from the US and the UK. Through interactive sessions, the workshop faculty presented US and UK best practices in the restructuring of failing businesses, the critical elements to a successful restructuring process and lessons learned from bankruptcy cases. Attended by Moroccan public prosecutors, judges, trustees and lawyers, the workshop also served as a unique opportunity for stakeholders to exchange experiences and concerns about the implementation of the new law and identify areas for improvement. CLDP has been working in Morocco for the last several years to incorporate US and international best practices in the new Moroccan bankruptcy law and to train government and private sector stakeholders on the new procedures that will help protect creditor rights.

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