Press Release
Foreign Officials, Judges and Prosecutors Receive Primer on U.S. Bankruptcy Law
Press Release
Press Contacts: Erik Cummins, Matt Hyams, Olivia Thomas
07.31.19
NEW YORK – As part of a joint trip planned by the U.S. Department of Commerce and The Middle East Partnership Initiative, delegations of Middle Eastern government officials, judges and prosecutors met with members of Pillsbury’s Insolvency & Restructuring practice on July 26 in the firm’s New York office as the culmination of a one-week visit to the United States to learn more about the country’s bankruptcy laws.
After four days of meetings with judges and other representatives from the U.S. Bankruptcy Court, U.S. District Court, U.S. Trustee’s Office and New York Supreme Court, the delegation spent the fifth and final day of the week attending presentations by Pillsbury Insolvency & Restructuring partners Patrick Potter and Andrew Troop. They were joined by Pillsbury Finance partner Mona Dajani, who has worked extensively throughout the Middle East and particularly Kuwait, and Bankruptcy Court Judge Martin Glenn of the Southern District of New York.
“Participating in this program was both an honor for us and a natural fit. The delegations were comprised of the highest caliber representatives from both countries, including Owyyed S M Althuwaimer, Director of the Kuwait Institute for Judicial & Legal Studies,” Potter said. “These meetings not only afforded us the opportunity to discuss substantive business and legal issues facing domestic and cross-border companies, but also to build upon important client relationships.”
The one-week series of consultations was part of the U.S. Department of Commerce’s Commercial Law Development Program, which aims to improve the legal environment for doing business in countries around the globe, thereby fostering greater political stability and economic opportunities. CLDP consultative services and programs assist political, regulatory, judicial and commercial leaders to augment their policies, laws and organizational structures.
In recent years, countries in the Gulf Cooperation Council have developed new commercial laws to prepare themselves for a transformation to knowledge-based economies that encourage innovation and entrepreneurship. Important to attracting foreign investment and the transfer of knowledge and technology to these countries, their governments have developed commercial laws that are in line with international best practices and present these countries as effective partners in the global economy.