A new Insolvency Law was approved by the Tunisian Assembly of the Representatives of the People on 16 April 2016. The law was the culmination of a project launched by the Ministry of Justice (hereinafter the MoJ) in 2012 aimed at consolidating and modernising insolvency legislation. The EBRD, the IFC and, recently, the IMF all provided advice and input to the MoJ and other government stakeholders on the draft law. Although the Insolvency Law has some deficiencies, notably with respect to the limited rights of creditors to participate actively in insolvency proceedings, it represents an improvement on previous legislation and is relatively advanced for the SEMED region.
Following adoption of the Insolvency Law, there is a strong need for a revised legislative framework for the insolvency office holder (hereinafter IOH) profession and the new profession of pre-insolvency mediator or ‘conciliator’ introduced by the Insolvency Law. In addition, further support is needed for the development of the capacity of professionals (IOHs, conciliators and judges) implementing the reformed insolvency framework. The EBRD 2014 Insolvency Office Holder Assessment (hereinafter the EBRD IOH Assessment) concluded that significant reform and capacity building was needed to strengthen the IOH profession in Tunisia.
In July 2015, the MoJ formally requested the assistance of the EBRD to carry out this project and confirmed its request for EBRD assistance by email on 28 April 2016.
The purpose of this Project is to assist the MoJ with the drafting of legislation relating to IOHs and the new profession of conciliators and to enhance the capacity of IOHs, conciliators and judges working within the new insolvency regime.
The Project is fully consistent with the Legal Transition Programme (LTP) new Operational Plan 2016-2018 which contemplates technical assistance in insolvency to promote reorganisation and to strengthen the capacity of insolvency office holders and judges.
It is also aligned with the Bank’s 2016 ‘Tunisia: Strategy Snapshot’, which refers to implementation of insolvency-related primary and secondary legislation, reform of the legal framework for IOHs and capacity building for judges, IOHs and conciliators as key policy reform activities for the restructuring and strengthening of the Tunisian financial sector.
Legislative framework on insolvency in Tunisia is improved. Knowledge of stakeholders in the field of insolvency is enhanced.
TC Recipient Information
Ministry of Justice.
The assignment(s) under the project are expected to be funded through EBRD-managed donor funds.
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