The 2009 regional symposium on insolvency laws and creditor rights systems organized by Hawkamah, in association with the OECD, the World Bank Group and INSOL International on May 26-27, 2009 in Abu Dhabi, UAE (Symposium) brought together officials from MENA countries. Towards the end of the 2 day Symposium, a declaration called the ‘Hawkamah Declaration’ was issued affirming the commitment to modernize insolvency regimes in the MENA region.
One of the key resolutions of the Hawkamah Declaration was the commitment to establish a regional forum on insolvency reform, the purpose of which is to engage, educate and inform stakeholders about insolvency reform and to serve as a platform for sharing international and regional best practice and experiences.
Founded by Hawkamah, The World Bank Group, INSOL International and OECD (Founding Members) in 2010, the Forum For Insolvency Reform in MENA (the "FIRM") is a Membership organisation organised around periodic meetings that facilitate and deepen the dialogue on Insolvency Reform in the region. The FIRM is the only platform dedicated to discuss and debate Insolvency Reforms in MENA. The FIRM was officially inaugurated on the occasion of the INSOL International regional conference, at a first regional FIRM roundtable organized by Hawkamah, in association with the, the World Bank Group, OECD and INSOL International on February 24, 2010 in Dubai. The meeting brought together officials, policy makers and representatives from UAE, Turkey, Tunisia, Oman, Egypt, Qatar, Saudi Arabia, Lebanon and Jordan.
The FIRM Communique was also issue don this occasion laying down the areas of focus for the FIRM which includes holding organizing capacity building programs for the Judiciary (link to the MENA JC events).