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    Ghana is the best destination for investment in West Africa – Bawumia

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    Modify old trade conventions to favor local printing firms – AGI tells govt

    Ken Ofori-Atta, Ministry of Finance for Ghana, gives an interview during day 3 of the AfDB Annual Meetings on 13 June 2019 in Malabo, Equatorial Guinea. (Photo by Malick Silue)

    Ghana sends debt restructuring proposal to official creditors

    IMF mission staff arrive in Ghana today to assess implementation of economic recovery programme

    WTO Chief urges African governments to increase trade, agric investment

    Publish gold-for-oil policy document to improve transparency – Dr. Manteaw

    Citi Business Festival 2023: Takeaways from reimagining digital economy forum

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    Ghana is the best destination for investment in West Africa – Bawumia

    African leaders urged to push for electronic cars over combustible automobiles 

    Modify old trade conventions to favor local printing firms – AGI tells govt

    Publish gold-for-oil policy document to improve transparency – Dr. Manteaw

    Re-consider computation of VAT for local industries- AGI tells govt

    IMF proposes acquisition, mergers of banks to mitigate financial sector instability

    Ghana and Côte d’Ivoire partner to tackle cocoa smuggling

    Mobile money disrupted banking in Ghana – Zeepay CEO

    Ghana’s oil reserve recording steady growth – GNPC CEO

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    #CitiBusinessFestival: Trust ecosystem needed to minimize e-commerce fraud – Benedict Bentil

    Citi Business Festival: Forum on Digital Economy comes off today

    Citi Business Festival: 8 pillars of digital economy by TechGulf’s CEO

    Cyber Security Authority mandate critical to country’s development – Joseph Cudjoe

    MTN shareholders given choice to convert dividend or take cash

    Ghana gets $300 million from US to build first-of-its-kind data center

    Telcoms industry players urged to partner government to promote clean energy transition

    Dominion University To Partner With USA Organisations To Set Up Centre Of Excellence For Artificial Intelligence

    Cyber Security Authority commences licensing and accreditation regime

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    BoG pushes for improvement in IMF’s lending framework to boost continent’s access to resources

    Foreign exchange: Several African countries have a shortage of US dollars – why this happens and how to fix it

    Ghana and South Africa urged to leverage on AfCFTA to boost bi – lateral relations

    Silicon Valley Bank crisis: What led to stock crash, what lies ahead?

    Medical devices market projected to expand by $ 7.1 billion by close of year

    African Union adopts Africa Prosperity Dialogues AfCFTA action plan

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Parliament passes Corporate Insolvency Bill

April 1, 2020
in Business, Top Stories
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Parliament on Wednesday April 1, 2020, passed the Corporate Insolvency Bill, 2019, to provide a framework for the regulation of insolvency practitioners and facilitate access to timely, efficient and impartial liquidation proceedings either directly or through the creditor’s committees.

The financial sector crisis triggered a conversation about the need to strengthen corporate governance structures; after the collapse of several local banks and over 400 other financial institutions.

The Act will also 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.

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The passage of the Bill comes a year after it had undergone intensive amendments at the Consideration Stage, after it was first laid and read for the first time before the House on Wednesday March 27, 2019, where it sought to provide effective and efficient insolvency laws and institutions which are critical for economic growth.

The Majority Leader and the Minister for Parliamentary Affairs, Hon. Osei Kyei-Mensah-Bonsu, laid the Bill on the floor of the House on behalf of the Minister for Justice and Attorney General, Honourable Gloria Akuffo.

The Speaker of Parliament, Rt. Hon. Prof. Aaron Mike Oquaye, subsequently referred it to the Parliamentary Select Committee on Constitutional, Legal and Parliamentary Affairs, chaired by Member of Parliament for Offinso South Hon. Banda Ben Abdallah, for consideration and report.

The green light given the Bill followed the approval by the House on Wednesday April 1, 2020, after agreeing that most companies faced serious financial problems and also most financial institutions carried huge non-performing loan portfolios.

Prior to the passage of the Bill, Majority Leader and Member of Parliament for Suame Hon. Osei Kyei-Mensah-Bonsu, moved the motion for it to be read for the third time. This was seconded by the Minority Leader and the Member for Tamale South Constituency Hon. Haruna Iddrisu.

The Majority Leader stated that in Ghana, it is imperative that effective insolvency laws and institutions are established to help improve the quality of legal regime for corporate bodies and administration when they become solvent.

The Bill will be forwarded to President Nana Addo Dankwa Akufo-Addo to give the Presidential Assent.

Source: Duke Mensah Opoku|citibusinessnews.com|Ghana
Tags: Corporate Insolvency Bill 2019insolvency laws
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