GIS – 10 November, 2017: The 2017 Africa Round Table on insolvency reform hosted by International Association of Restructuring, Insolvency & Bankruptcy Professionals (INSOL International) and World Bank Group kicked off yesterday at Sugar Beach Resort, Mauritius, in presence of the Attorney General, Minister of Justice, Human Rights and Institutional Reforms, Mr Maneesh Gobin, and other personalities.
The theme chosen for this year’s two-day workshop is “Plugging the implementation Gap”. Some 150 participants coming from 28 different jurisdictions are attending the workshop, which aims at providing the ideal platform for disseminating ideas and eventually the formulation of policy directives regarding insolvency.
In his address, the Attorney General highlighted that Mauritius is a meaningful choice for holding this workshop given the country’s historically sound legal system, which aligns with the world’s most forward-looking jurisdictions. The agenda for these two days, he pointed out, reflects the necessity for all African countries to align, where necessary, their legislations with international best practices.
He underscored that one of the major features of the Insolvency Act, which provides a comprehensive legal framework for corporate insolvency as well as the individual bankruptcy, is that it merges both corporate and individual insolvency in a stand-alone statute. Mauritius, he added, has taken positive steps to provide for a dedicated commercial court to deal with commercial litigation diligently and effectively.
The Attorney General also underlined that in today’s global economy, many insolvencies will have a global reach as the assets of companies are spread across various jurisdictions – a topic of particular relevance to Mauritius, which is a recognised financial centre. This is why cross-border insolvency, which is not yet in force in Mauritius, will be a significant topic on the workshop’s agenda, he added.
INSOL International is a world-wide federation of national associations for accountants and lawyers who specialise in turnaround and insolvency. There are currently over 40 member associations world-wide with over 10,000 professionals participating as members of INSOL International.
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