On the morning of December 13, the Chisinau International Court of Arbitration (CACIC) held a business breakfast with representatives of the financial community regarding options that can be used to optimize debt-recovery procedures.
The event was organized in order to share the benefits of the litigation solutions provided by the arbitration intermediary CACIC; as well as to present the priorities of the new Steering Committee, which comprises Roger Gladei (BAA Gladei & Partners) as President; George Teodorescu (SRL Mixbook) as Vice-President; and committee members Bogdan Plesuvescu (SA Victoriabank), Daniel Cobzac (BAA Cobzac & Partners), and Sergiu Bivol (Vernon, David & Associates).
During the event AmCham presented the results of a survey, showing that the uncertainty around the enforcement of arbitral awards is considered as the main impediment by members to using arbitration.
Furthermore, AmCham carried out an analysis of judicial practice which has shown that this concern is only partially valid due to it being largely subjective and one-sided in nature (in the majority of cases, the enforcement title based on the arbitration award is made in less than 40 days). When taken into consideration with the other advantages of Arbitration (its confidential nature, the possibility to choose the arbitrators, the expedited arbitration procedure which allows for an arbitration award in less than 3 months, reduced costs etc.), this conclusion demonstrates the superior advantage that dispute resolution has on the whole – including for debt collection, through commercial arbitration.