Corporate Insolvency bill in the offing- Attorney General hints

Ghana’s Attorney General, Gloria Akuffo has hinted of a Corporate Insolvency Bill that would support corporate institutions in distress to recover rather liquidate them.

According to the Attorney General the bill will further enhance the country’s corporate security and improve public confidence in these institutions.

“To further enhance our corporate security landscape, is in the works. When passed into law it will provide greater opportunity for otherwise failing companies to recover instead of almost automatically being liquidated” she noted in her speech at the 2019/2020 Ghana Bar Association Annual General Conference held today in Takoradi.

She quickly added that Directors of corporate entities who fail to honour provisions of the law would be sanctioned accordingly.

“Directors who fail to take full advantage of the provisions of the law, under the new law will be sanctioned” she warned.

Madam Gloria Akuffo emphasized that this law would complement the new Companies Law 2019 to bring more transparency and efficiency in the dealings of companies.

She added that “the law provides for the creation of a beneficiary ownership register at the Registrar Generals Department to bring greater transparency into corporate business and eschew corruption”