Law on companies insolvency, voluntary arrangement to improve business

Luanda Angola’s business environment is expected to improve significantly when it is approved the new Legal Regime for Companies Voluntary Arrangement and Insolvency, as well as the new Bill on Financial Guarantees.

This was said last Thursday, in Luanda, by the secretary of State for Justice, Orlando Fernandes, speaking at the closing of the workshop on the Legal Regime of Insolvency and Financial Assets Guarantees Reforms, the official stressed that the new law prioritizes the recovery of companies instead of immediately declaring them insolvent.

The new law, still to be approved by the parliament, will enable to adjust the present legislation, which is no longer adapted to the reality of the country, Orlando Fernandes said.

The workshop held in partnership with ministries of Justice and Human Rights, Economy and Planning, aimed at gathering opinions on the proposed laws.

Source: Angola Press News Agency