LRC Holds Public Discussion…On Draft Insolvency And Restructuring Bill

By Jefferson D.Tweh

The Law Reform Commission (LRC) with the support from World Bank through its partner,the international Finance Corporation and with the sponsorship of some leading Liberian policy makers, recently  held public discussion on final review of the draft insolvency and restructuring Bill.

Chapter 8 of the Liberian Commercial Code,Title 7 of the Liberian Code of Laws Revised and to enact in lieu thereof a new chapter of Liberian Commercial Code entitled “The Insolvency and Restructuring Act”; this draft bill referred to as the Insolvency and Restructuring bill has been reviewed by stakeholders and partners.

The Chairperson of the Law Reform Commission, Cllr.Jallah Barbu, disclosed that the significance of the Insolvency and Restructuring Bill is to keep the economy strong by keeping businesses and providing means of credit.

“We have businesses in this country that face away and it affects all sectors like employments,creditors,investors,lose their money and the economy as whole suffered because government does not have the time to raise taxes but we try to put in place structures that will help businesses opperate well in the country,”Mr. Barbu stated.

According to Mr. Barbu,the insolvency and restructuring bill is not only for lawyers but service providers,busines people,creditors, debtors and for the Liberian people as a whole and therefore he wants everybody to participate in the discussion of the bill.

“We have some members of the legislature working along with us to make sure that this Insolvency and Restructuring Bill be enacted into law,”Mr. Barbu explained.

Mr. Barbu further stated that if legislature passes the bill, Law Reform Commission will make it operational and creditors will have greater confidence if credit is extended and they will get their money back.

Margibi County District #4 Representative, Mr. Ben A. Fofana, has assured the Law Reform Commission that he will work with his colleagues to give full legislative support to the Insolvency and Restructuring Bill.

“When this bill is passed by both houses, the co-sponsors and I will personally appear at any forum and we will unanimously meet President Ellen Johnson-Sirleaf to seek its approval and thereafter, we will work to make it operational,”Mr. Fofana concluded.