The Government of Kuwait (GOK) is nowmoving decisively to reform its insolvency andcreditor/debtor regime (ICR). Stakeholders recognize thatKuwait's ICR system had fallen behind that required fora modern economy. The GOK's effort to establish amodern insolvency and creditor rights system is driven byseveral considerations: first, consistent with itstraditional strengths, Kuwait is seeking to transform itselfinto a regional financial and trading center, as expressedin the Amiri vision 2030 and the GOK's most-recentfive-year development plan. Second, many of the difficultiesafflicting the country's investment company sector,which started surfacing in 2008, still await fundamentalresolution. Third, development of small and mediumenterprises (SMEs) is essential to help the GOK meet itsgoals of diversifying the sources of income and encouragingyoung people to work in the private sector, in order toreduce the burden of the public sector. The GOK'sreform agenda aspires to world-class standards, balancinginternational norms with solutions rooted in Kuwait'sunique local customs. The consensus among stakeholders isthat an effective insolvency regime would benefit the Kuwait economy.
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