MONROVIA, October 8 (LINA) -The House of Representatives has passed an Act intended to promote a better business environment, sustained growth and viability of Liberian businesses.

The “Insolvency and Restructuring Act”, unanimously passed Tuesday, October 7, also seeks to repeal the Fraudulent Conveyance Act, Chapter 8 of the Liberian Commercial Code, Title 7 of the Liberian Code of Law reversed.
The Liberia News Agency reports that the instrument was passed after the Joint Committee on Banking and Currency and Judiciary submitted its report to plenary following two weeks of thorough scrutiny.
In the report, the Committee described the “Insolvency and Restructuring Act” as “very important” in that its draft process included the Liberian Business Community, Liberia Business Association (LBA), Liberia National Bar Association, Ministry of Justice, Commercial Banks and the World Bank as well as the Chamber of Commerce.
According to the Committee, the purpose of the Act is to provide uniform, fair and efficient ways for the payment of claims held by a creditor against a debtor, strike a balance between liquidation and reorganization.
It also maintains that the Act will provide for the timely, efficient and impartial resolution of insolvency cases, and identify, collect, preserve and protect an insolvency estate, among others.
Following the passage of the Act, Plenary mandated Chief Clerk, Mildred Sayon, to forward the document to the Liberian Senate for concurrence.
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