ORGANIZATION FOR THE HARMONIZATION
OF BUSINESS LAW IN AFRICA
Benin Burkina Faso Cameroon RCA Comores Congo Ivory Coast Niger Senegal Guinée Conakry Equatorial Guinee Mali Gabon Guinée Bissau Democratic Republic of Congo Chad Togo

Uniform act on bankruptcy proceedings

Date and place of adoption: September 10, 2015 in Grand-Bassam (Côte d’Ivoire)
Date of publication in the OHADA Official Gazette: September 25, 2015
Entry into force: December 24, 2015

The Council of Ministers of the Organization for the Harmonization of Business Law in Africa (OHADA),

Having regard to the Treaty on the Harmonization of Business Law in Africa, signed in Port Louis on 17 October 1993, and revised in Quebec on 17 October 2008, especially its articles 2, from 5 to 10, and 12,

Having regard to the report of the Permanent Secretary and comments by States Parties,

Having regard to Opinion N° 02/2012 dated 9 November 2012 of the Common Court of Justice and Arbitration,

After deliberations, States Parties present and voting unanimously adopt the Uniform act worded as follows :

PRELIMINARY TITLE: GENERAL PROVISIONS

Article 1

The purpose of this Uniform act is to:

- To organize pre-insolvency procedures of conciliation, preventive settlement and rehabilitative proceedings of reorganization and assets liquidation so as to preserve the economic activities and employment of debtor companies, quickly rehabilitate healthy companies and liquidate distressed ones in such a way that the debtors’ assets will be maximized for the purpose of increasing receivables to be recovered by creditors and establish a specific order of payment to secured or unsecured collateral securities;

- To define rules applicable to judicial administrators;

- To set proprietary and professional sanctions as well as criminal proceedings related to the default of the debtor, applicable to the debtor company top executives and individuals involved in the proceedings management.

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Attachments:
Download this file (AUPCAP-EN_Unofficial_Translation.pdf)Uniform act on bankruptcy proceedings[AUPCAP EN - Unofficial translaction]1804 kB
Benin Burkina Faso Cameroon RCA Comores Congo Ivory Coast Niger Sénégal Guinée Conakry Equatorial Guinee Mali Gabon Guinée Bissau Democratic Republic of Congo Tchad Togo