The Corporate Insolvency Bill, 2019 has been laid on the floor of Parliament for consideration and approval.
The Corporate Bill, 2019 was laid on the floor of Parliament by the Majority Leader and the Minister for Parliamentary Affairs, Mr. Osei Kyei-Mensah-Bonsu on behalf of the Minister for Justice and Attorney General, Miss Gloria Akuffo.
The Majority Leader, who doubles as Member of Parliament for Suame, explained that the Minister for Justice and Attorney-General has been invited by the President for a Cabinet meeting, hence, her absence.
The Speaker has referred the Bill to the Parliamentary Select Committee on Constitutional, Legal and Parliamentary Affairs, for consideration and report.
The Corporate Insolvency Bill, 2019
The Corporate Insolvency Bill is expected to promote efficient closure and transfer of assets of businesses which are no longer viable, and a proper winding up of businesses where the members for other reasons, decide to cease operations.
The bill, when passed into law, would provide a framework for the regulation of insolvency practitioners and also facilitate access to timely, efficient and impartial insolvency proceedings.
It is also expected to reduce the burden of insolvency through potentially higher and equitable distribution of assets of failed companies to creditors, as well as provide the framework for effective creditor participation in insolvency proceedings either directly or through the creditor’s committees.
Source: GhanaJustice/S.Ayisi
