The Ghana Association of Restructuring and Insolvency Advisors (GARIA) is to lay before Parliament the Corporate Insolvency Bill, which is expected to provide a framework for restructuring viable but temporarily distressed businesses.
The bill is also 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.
This forms part of the reform agenda of the association to set the legal framework for corporate bodies and their administrators when they become insolvent.
The association was unsuccessful in laying the bill this year and would, therefore, reintroduce it in 2017.
The P…
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