EDB holds legal workshop on Directors and Mangers Liability
TDT | Manama
The Daily Tribune – www.newsofbahrain.com
The Bahrain Economic Development Board (EDB), in cooperation with the Ministry of Industry, Commerce and Tourism, and the Central Bank of Bahrain, held a workshop to discuss proposed reform to the current legal provisions that regulate the liability of Directors and Managers within the Company Law.
The proposed reform was presented for discussion after the participants benefited from the insight of legal experts on how the issue of Directors and Managers Liability is regulated around the world. The workshop commenced with a presentation by Dr Riyadh Seyadi, a judge at the commercial courts of the Kingdom of Bahrain on the current legal provisions that regulate directors and managers liability. Dr Jameel Alalawi, Senior Legal Advisor at the Economic Development Board spoke on the Aspects and Paraments of Regulating Directors and Managers under Comparative Law, especially in the European Union, USA, UK, Japan and Korea.
International experts spoke on how the liability of directors and mangers duties is regulated in the UK, USA, France and Germany. The international experts included Hussein Baxter, a Senior Associate of Freshfields Bruckhaus Deringer’s Corporate team; Norbert Knapke, a corporate partner in the Chicago office of Kirkland & Ellis LLP; Dr Thorsten Volz, a Partner and Head of the Dusseldorf Office of Watson, Farley & Williams, and Dr Myriam Mailly, a business Lawyer in France who has been teaching since 2006 at law schools as well as at the SKEMA Business School.
Sameera Musayeva from the United Nations Commission on International Trade Law (UNCITRAL) outlined the commission’s recommendations for regulating the duties of company directors in the vicinity of insolvency.
The proposed reform was presented to the participants by Dr Jameel Al Alawi and Ameena Al Onaisi, head of the Corporate Legal Affairs at the EDB. Legislation regulating directors and mangers liability specify the duties of directors and the executive management, and places liability for failure to carry out such duties. Dr Al Alawi said: “It’s important to exchange views with the industry and be aware of the latest updates on laws and regulations around the world and keep up with the latest trends to better improve and enhance business related laws in Bahrain”.
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