Seminar “Restructuring and preparing for Tomorrow”


 As our usual habit of organizing seminars about the latest updates in the legal field, NEN Al-Wagayan, Al-Awadhi and Al-Saif law firm and DLA Piper call for holding such seminars to discuss the various problem that face financial firms in order to reach the suitable solutions for these problems by introducing the right advice through a group of well experienced experts in the legal as well as financial field.

So as to achieve these aims, NEN and DLA Piper hold a seminar about “Restructuring and preparing for Tomorrow” in cooperation with UIC Union of Investment Companies and Earnest &Young.

Throughout the procedures of the seminar, lawyer Najeeb Al-Wagayan the first partner in NEN and DLA Piper stated that restructuring needs legal and financial firms so as to assist in organizing their legal states. At the same time, he affirmed that there must be cooperation between Kuwaiti corporations and international companies in order to benefit from these companies’ experience in the field of restructuring.

 Also, Najeeb Al-Wagayan hopes that Kuwaiti companies well accept the idea of restructuring their companies and not consider it as a humiliation; but rather they should start it by themselves so as to help their companies to recover instead of deteriorating.

On the other hand, lawyer Petar Somikh the head of Restructuring Department in DLA Piper stated, from his international experience in the process of restructuring and from his practical experience in representing many of Kuwaiti companies through his partnership  with NEN law firm, that it is possible to apply the international criteria in line with local regulations in restructuring . Also, he stated that this partnership with NEN ease applying the process of restructuring according to international measures and Kuwaiti laws.

In the same regard, Fadwa Darwish , the director of the Union Investment Companies’ technical support Department stated the collapse occurred in the global markets was not expected to be like that or that the economies of these countries and companies will go through that dark tunnel of fear and uncertainty that have  a great effect on global economies and chairmen or owners of these companies.

On the other hand, Mr. Varun Dev Sharma, the partner in Earnest &Young said that the function of restructuring is to know the most important questions discussed within the board of directors, to increase capital and investment and to use the capital in a good way.

In addition, he affirmed that the most important element in the process of restructuring is to know the problems and know how to deal with concerned parties (creditors and investors) and the strategy of communicating with these parties. More than that, he pointed out the importance of trusting the process of restructuring so as to know the recent conditions of the company and how does it reach this condition and to revise all agreements that the company has so as to know its financial state on the short term.