Deputies also voted this Tuesday in favor of the proposed Law on the Legal Regime of Securities Guarantees and the Law Amending the Commercial Code.
The Report on the Reasons for the Proposed Law on the Legal Regime of Corporate Restructuring and Insolvency highlights that Angola was one of the few countries that did not have an autonomous legal regime on this matter, through which the state of a company's difficult economic situation or lack of liquidity is declared by a court decision.
The document highlights that the aspects related to insolvency and bankruptcy were summarized in the Code of Civil Procedure, which is no longer adequate to the current socio-economic reality of the country, nor to the modern and simplified mechanisms of the insolvency process.
In his explanation of vote, Congressman Joaquim David, of the parliamentary group of the Popular Movement for the Liberation of Angola (MPLA), stressed that any company, however experienced, healthy, technically and financially, is subject to market difficulties, conjuncture, financial insufficiency, bankruptcy and insolvency.
Joaquim David stressed that the executive develops efforts to promote national and foreign investment in order to catalyze economic growth, job creation and social welfare, so this initiative "can not be more pertinent and in line with the best interests of Angolan workers and entrepreneurs.
For her part, the second vice-president of the parliamentary group of the National Union for the Total Independence of Angola (UNITA), Albertina Ngolo, highlighted the importance of this law in eliminating barriers, with a view to improving the business environment and promoting investment for the growth of the national economy.
Albertina Ngolo stressed that her parliamentary group recommends that in the management of judicial and extrajudicial insolvency proceedings by creditors, the preservation of companies as organizations of value worthy of tutelage and law that guarantee the stability of the economic fabric of the country should always be taken into consideration.
Deputy Manuel Fernandes, of Convergência Ampla de Salvação de Angola - Coigação Eleitoral (CASA-CE), said that this law will allow the good conduct of insolvency processes, of business recovery.
"This is a matter of law, with impact on the certainty and legal security of the multiple agents, including workers, suppliers, financiers, investors, tax and customers of these economic agents," he said.
Congressman Lucas Ngonda, of the parliamentary representation of the National Front for the Liberation of Angola (FNLA), highlighted, in his explanation of vote, the need to cover the legal vacuum of protection of economic agents in a system of market economy, which makes this law proposal "timely".
