Brown Rudnick Alert: A Bold Reform of Unified African Insolvency Law: OHADA's New Legal Framework to Boost Turnaround and Creditor Recovery - ATTORNEY ADVERTISING

Since 24 December 2015, the 17 African Member States of the organisation for the harmonisation of business law in Africa (OHADA) have benefited from modernised, streamlined collective proceedings designed to preserve viable companies, enhance predictability and maximise recoveries for creditors. Largely inspired by French law, the reforms create a new preventive proceeding, introduce a new money privilege, clarify existing legal provisions and provide for the cross-border recognition of insolvency proceedings. It is expected that these reforms will encourage international trade and improve access to finance for businesses located in OHADA Member States. Read more. (Subscription required.)