Workshop: Beirut Out of Court Workout Principles
With the support of the IFC Out of Court workouts have existed for as long as there have been financial problems to be resolved – indeed, formal insolvency was introduced to address financial issues that could not be accommodated by consensual arrangements. The recent financial crisis has raised awareness of the importance of out of court workouts. Out of court workouts do not remove the need for a jurisdiction to have modern effective insolvency and reorganization laws but they reduce the pressure on the courts and are generally in the interest of all parties. The objectives of this workshop is to provide a set of Principles and detailed guidelines for out of court workouts for Lebanon. The principles and Guidelines are designed based on international best practices. The workshop is divided in three sections. The first part provides an overview of key concepts of out of court workouts. The second part includes suggested principles for out of court workouts in Lebanon. The third part includes detailed guidelines to support implementation of the Principles in Lebanon.