The International Association of Insolvency Regulators (IAIR) Annual Conference and Annual General Meeting kicked off yesterday at the Sugar Beach Resort, Flic en Flac, in presence of the Minister of Financial Services and Good Governance, Mr Dharmendar Sesungkur, the IAIR Chair, Registrar of Companies, and Director of Insolvency Service, Mrs Prabha Chinien, and other personalities.
The theme chosen for this year's three-day conference is "Sharing international insolvency trends and developments". Participants coming from 26 different jurisdictions are attending the conference, which aims at providing the platform to meet fellow regulators, share common issues and have the opportunity to network while learning more about best practices and recent developments around the insolvency world. This year marks the first annual IAIR conference held in the African region since 2009 and the first being held in Mauritius.
In his address, the Minister highlighted that a well-regulated backdrop with best practices attuned to international standards, including strong insolvency are required so as to achieve Government's vision of doubling the contribution of the financial services sector to Gross Domestic Product. He underlined that tests and trials facing insolvency professionals have significantly escalated over the past decade, whether in scale or form, owing to a fast-evolving global economic landscape and the rapid globalisation of trade.
Minister Sesungkur underscored that Mauritius is a meaningful choice for holding the IAIR 24th annual conference given the increasing visibility and standing of the Mauritian jurisdiction as an International Financial Centre of repute. As a young, yet well developed and established Financial Centre, the country always welcome new ideas particularly from regulators and legal practitioners from diverse economies, he pointed out. The conference, he stated, will provide a valuable platform for insolvency regulators to advise policy makers on new trends and challenges which require shaping and re-shaping of insolvency laws.
As regards the Insolvency Act 2009, he observed that one of its major features is that it merged both corporate and individual insolvency in a stand-alone Statute. He further emphasised that Mauritius has improved its ranking from the 73rd place in 2009 to the 36th position today as far as the Resolving Insolvency Indicator is concerned.
For her part, Mrs Chinien underpinned that the IAIR must be at the forefront so as to encompass innovative ways of doing business and reinvent insolvency regulations and procedures if need be. She added that topical issues, including gender balance in the insolvency world and latest trends in cross-border insolvency, will be discussed during the conference.