Latest news with #UNCITRALModelLaw
The Star
a day ago
- Business
- The Star
Cross-Border Insolvency Bill boosts debt recovery
THE Dewan Rakyat has passed the Cross-Border Insolvency Bill 2025, which will allow local creditors to recover debts from insolvent companies within the Asean region. Minister in the Prime Minister's Department (Law and Institutional Reform) Datuk Seri Azalina Othman Said said the Bill establishes a clear, modern legal framework aligned with international best practices, particularly the UNCITRAL Model Law on Cross-Border Insolvency. 'The Bill aims to enhance investor confidence in Malaysia's insolvency system,' she said during her winding-up speech. Azalina added that her ministry has taken several steps to facilitate the enforcement of the Bill, such as amending the Rules of Court 2012 and organising training sessions for stakeholders. Azalina said the Legal Affairs Division (BHEUU) of the Prime Minister's Department, in collaboration with the Malaysian Judicial Academy, will conduct special training for High Court judges handling civil and trade cases. Azalina said the Bill was introduced to create an effective mechanism to handle cross-border insolvency cases. 'This will give investors greater clarity on what to expect during financial distress and boost foreign investment in Malaysia.' To safeguard national interests, Azalina said sub-clause 5(2) of the Bill allows the High Court to reject any application for recognition or relief from foreign insolvency proceedings if it affects public interest, economic stability, capital markets, national security or consumer confidence. 'The courts retain full discretion to deny recognition based on public policy considerations, as expressly stated in the Bill.' The law applies to companies with debts to be paid will not only have its local entity be liable, but its foreign branches too. The law would also apply to foreign companies in debt overseas but with branches in Malaysia.
Morocco World
12-02-2025
- Business
- Morocco World
Morocco Launches Digital Trade Initiative
Casablanca – Morocco is taking significant steps toward modernizing its legal framework for trade. Official statements indicate the North African country is working on a new digitization project supported by the European Bank for Reconstruction and Development (EBRD). Launched under the mandate of the Ministry of Industry and Trade, the initiative aims to enhance the efficiency and competitiveness of Moroccan businesses in international trade. A delegation from the EBRD met today with the president of Morocco's Federation for Transportation and Logistics Abdelilah Hifdi during the second day of the Green Impact Expo & Summit 2025 to discuss the project. In an interview with Morocco World News (MWN) on the sidelines of the event, Catherine Bridge Zoller, Senior Counsel at EBRD, said: 'We are looking at how to align Moroccan legislation with the UNCITRAL Model Law on electronic transferable records.' EBRD's goal, she explained, 'is to align Morocco's legislation with its partners such as France, Spain, and the UK to give functional equivalence to digital forms of documents that are frequently used in trade, such as bills of lading and bills of exchange.' The fruit of a partnership between ICC Morocco and the UNCITRAL Secretariat, the project aims to create a modernized framework adapted to the demands of international commerce. This transformation comes at a crucial time, especially as global trade increasingly shifts toward digital platforms and paperless transactions. Read also: UNCTAD Report: Morocco's Economic Strategy in Africa's Push for Growth The initiative embodies a comprehensive consultation process with key stakeholders in the sector. It also focuses on three main areas, including examining current international trade financing practices and identifying challenges in digitizing procedures. The initiative further includes assessing how a modernized legislative framework could boost Moroccan companies' performance and competitiveness. 'It's a very technical subject, a very technical area,' Zoller said, pointing to the importance of engaging with industry specialists. 'That's why we're here speaking with the specialists on transport and logistics. We are delighted to have this cooperation with the Federation de Transport Logistique Maroc.' This digital transformation project represents a strategic endeavor to position Morocco as a more competitive player in international trade. Morocco aims to reduce transaction costs, improve efficiency, and create new opportunities for its business community through an overall modernization of its trade infrastructure and alignment with global digital standards. The success of this initiative could serve as a model for the country's fellow African nations looking to modernize their trade systems and integrate more deeply into the global digital economy. Tags: EBRD and moroccoMorocco's TradeTrade digitization
