Luanda – National Assembly’s Specialised Commissions defined Wednesday the statute of the recovery or insolvency administrator, that should operate under the supervision of the High Council of the Judiciary.
The objective is to ensure the survival of bankrupt companies and safeguard jobs.
As for the Draft Law, under discussion in the National Assembly, the MP João Guerra of the Economy and Finance Commission, told the press that the debates point to the need of appointing the insolvency administrator by the supervisor board.
He added that whoever to be appointed insolvency administrator must have legal and accounting knowledge that will enable him to turn around bankrupt companies.
João Guerra pointed out that “every problem has a solution, and that in the case of business takeovers, it depends on the technical work carried out by the administrators”.
He said that under the Bill, the National Insolvency Administrator Supervisory Board is responsible for supervising the work of this professional, under the supervision of the judge of the case.
Debates
Justice Secretary Orlando Fernandes clarified that the Draft Law is intended to establish the regime to which the recovery or insolvency administrator will be subject.
He explained that the central issues dealt with in the Draft Law are linked to the principles that guide the activity of the administrator, the functions that he must perform and the role of the National Supervisory Board of the administrator, made of five entities named by different bodies.
The bill, which includes 53 articles divided into nine chapters, is a legislative initiative of the Executive and gives new powers to the High Council of the Judiciary.
The Drat Law which is intended to promote the improvement of the management of companies in legal recovery or insolvency process, will go to parliament on 24 this month for final global voting.
The diploma covers all national and foreign companies located in Angola.
Source: Angola Press News Agency