Consultative workshop on the Insolvency Bill underway

Consultative workshop on the Insolvency Bill underway

Consultative workshops on what many deem as abstruse Insolvency Bill are currently underway in Swakopmund. The bill will replace the Insolvency Act 24 of 1936.
It seeks to achieve a balance of the risks allocated between and debtors, creditors and other stakeholders in the insolvency proceedings.
Justice Minister Sakeus Shanghala stressed that the existing liquidation process was expensive and tedious, and not all inclusive. Shanghala indicated that the current process took about two and a half years to conclude.
He further explained that the draft law provided for cross border proceedings.