In accordance with our routine nature of organizing seminars on the latest updates in the legal field, NEN Al-Wagayan & Al-Saif law firm held a seminars to discuss the various problem that are faced by financial firms in order to reach a suitable solution for these problems by presenting the right advice through a group of well experienced experts in the legal as well as financial field.

To achieve these goals, NEN Al-Wagayan & Al-Saif law firm held a seminar on “Restructuring and preparing for Tomorrow” in cooperation with Union of Investment Companies (UIC) and Ernest & Young.

Throughout the duration of the seminar, lawyer Najeeb Al-Wagayan the founding partner of NEN stated that restructuring needs legal and financial firms so as to assist in organizing their legal status of clients. 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.

Najeeb Al-Wagayan also expressed his hopes that Kuwaiti companies will 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 Najeeb Al-Wagayan also stated, that from his international experience in the process of restructuring and from his practical experience in representing many of Kuwaiti companies that it was possible to apply the international criteria in line with local regulations in restructuring in accordance with international measures and Kuwaiti laws.

In the same regard, Fadwa Darwish , the director of the Union Investment Companies’ technical support Department stated the collapse which 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 shall 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 Ernest & Young said that the function of restructuring is to know the most important questions that shall be discussed within the board of directors, to increase capital and investment and to use the capital in a better manner. 

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 identify the recent situation of the company and how it arrives at such condition and to revise all agreements that the company has so as to know its financial state on the short term.