Namibia

Insolvencies Halved Since Last Year

The number of insolvencies during this financial year so far is half that of the last financial year, according to statistics provided by the master of the High Court at the national consultative workshop on the insolvency bill being held at Swakopmund, The Namibian reported. Last year, 32 insolvencies were registered, which included 12 companies and 15 close corporations being liquidated, and five people being sequestrated.

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Minister of Justice Sacky Shanghala says there is a need for the Law Reform and Development Commission (LRDC) to also include cross-border insolvency when formalising the Insolvency Bill that will eventually replace the Insolvency Act of 1936, AllAfrica.com reported. Cross-border insolvency, also referred to as international insolvency, regulates the treatment of financially distressed debtors when they have assets or creditors in more than one country.

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