CERT implements the first exam specialized in “Bankruptcy Law” in cooperation with the Ministry of Finance
The Center of Excellence for Applied Research and Training (CERT), the training & investment arm of the Higher Colleges of Technology, has entered into an agreement with the Financial Restructuring Committee of the Ministry of Finance whereby CERT will be responsible for implementing the first specialized examination in “Bankruptcy Law” and International Financial Reporting Standards. With the aim of accrediting a team of experts specialized in bankruptcy and financial restructuring and in the United Arab Emirates, the agreement is in response to the professional developments and needs of specialists working in the financial sector.
His Excellency Younis Haji Al Khoori, Undersecretary of Ministry of Finance and Chairman of the Financial Restructuring Committee, affirmed that the committee, in accordance with bankruptcy law, is responsible for accrediting the list of experts in financial restructuring and bankruptcy. According to Cabinet Decision No. 4 (of 2018) regarding the establishment of the Financial Restructuring Committee, the committee is authorized to establish the conditions and procedures for registering the list of experts.
He went on to say that because the Financial Restructuring Committee is concerned with the standards and competence of experts in the field of financial restructuring and bankruptcy, the highest accredited qualifications must meet international standards. Therefore, the committee has developed a registration service guide for UAE experts in financial restructuring and bankruptcy. The guide outlines the standards, conditions, requirements, and provisions that apply for registration in the list of experts and expert registration categories, as well as those that apply to career path planning, roles and responsibilities, post-appointment obligations on experts in restructuring cases, and relevant service forms.
The Financial Restructuring Committee has developed dedicated web pages for the committee, including a page that displays a list of experts approved by the committee. The committee has automated the process of electronically submitting request forms to the register of approved experts. A subcommittee (the Legal Committee) has been assigned to review the applications, approve and accept experts, enroll them, publish the names and details of registered experts, and provide information to the public through the committee's online platform.
Mr. Al Khoori added that there is a specialized program related to financial restructuring and bankruptcy experts, aimed at elevating experts to internationally recognized levels and the requirements of the World Bank. The committee has plans for training, collaboration, and working closely with specialized departments (e.g. courts in bankruptcy cases) in the appointment of experts selected from the committee’s published list. These plans are expected to contribute to raising the level of bankruptcy law implementation, while streamlining procedures and supporting the national economy.
His Excellency Mohammed Gheyath, the CEO of CERT stressed that this collaboration in the field of bankruptcy and financial reporting standards for financially distressed companies is the first of its kind in the UAE. The goal is to enhance the expertise of professionals in the field of bankruptcy and financial structuring in order to maintain business stability and prevent financial distress from reaching the point of insolvency and liquidation.
He added that this collaboration between CERT and the Financial Restructuring Committee of the Ministry of Finance reflects CERT’s eputation as a center of excellence in the fields of training, qualifying and developing the skills and competencies required in the workplace. He also mentioned that through its specialized workforce training programs, CERT and its strategic partners continue to play an important role in this vital sector.