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Development of a Uniform Insolvency Law in SADC: Lessons from OHADA

Published online by Cambridge University Press:  26 June 2013

Ngaundje Doris Leno
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Abstract

This article argues that, with the global or cross-border nature of many corporate activities, there is an increasing need for a uniform insolvency law approach to the financial distress of a corporation in the Southern African Development Community. In doing so, the article highlights lessons the community may learn from the Insolvency Act of the Organisation for the Harmonization of Business Law in Africa. Emphasis is given to that organization's success in developing a uniform insolvency act (ie one which is directly applicable in its contracting states). The article also proposes a number of recommendations.

Type
Research Article
Information
Journal of African Law , Volume 57 , Issue 2 , October 2013 , pp. 259 - 282
Copyright
Copyright © School of Oriental and African Studies 2013 

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References

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117 This did not enter into force due to one member's failure to ratify it. However, it has been superseded by the current council regulation (EC) 1346/2000 of 29 May 2000 on insolvency proceedings.

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128 Id, art 249.

129 Id, art 251.

130 The Common Court of Justice and Arbitration (CCJA) 7 February 2002.

131 See Awusu-Ansah “The OHADA Treaty”, above at note 87 at 7.

132 Benin, Burkina Faso, Central African Republic, Chad, Congo, Ivory Coast, Mali, Mauritania, Niger, Senegal and Togo.

133 The 11 member states were the majority shareholders with 68.4 % stake in the company; Air France held 12 %, the French Development Agency 9 %, with the other stockholders holding 10.6 %.

134 Awusu-Ansah “The OHADA Treaty”, above at note 87 at 6.

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137 Judgment 04/2004 of 8 January 2004; OIA, art 32.

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152 Id, art 16.

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177 Id at 296.

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