Mozambican government plans to legislate on insolvency and recovery of companies

29 November 2012

A proposed law authorising the government to legislate on the Legal Framework for Insolvency and Recovery of Commercial Business Owners was approved Wednesday in Maputo by the Mozambican parliament, the Mozambican press reported.

To explain the presentation of the proposed law, the government said it was aiming to improve economic efficiency by maximising the gains from recovery of economic agents or, if there was no possible recovery, to satisfy creditors in a timely fashion.

The proposed law was approved with votes in favour from both the ruling party, Frelimo and opposition party Renamo. (macauhub)