In the presentation of the diploma, submitted to parliament as a matter of urgency, the Minister of Justice and Human Rights, Francisco Queiroz, said that it is part of the justice and law reform framework, aiming at improving the business environment more and more in Angola.
Francisco Queiroz said that the proposal also arises with the aim of updating the bankruptcy rules in force in Angola, which go back to the Civil Procedure Code of 1939, with the amendments of 1961 and 1967.
According to the minister, the current legal regime reveals bottlenecks of a legal, institutional and procedural nature, which has contributed to an unattractive business environment in the country, recalling that Angola is among the 20 most poorly classified countries, in terms of bankruptcy. , asset recovery, in the World Bank's 'doing business' criterion.
The government official stressed that the initiative is part of the logic of boosting credit to the economy, reducing credit risk, promoting competition and competitiveness and attracting investment.
In addition to material of a substantive nature, the legal diploma also contains, and above all, procedural material, trying to combine the interests of several diverse and heterogeneous entities, “among them the subject himself faced with difficulties, his creditors, financiers, suppliers, workers, customers and the tax authorities ”.
As objectives, the document aims, among other aspects, to grant a system that favors the recovery of economic agents, encouraging the negotiation of the parties and referring insolvency and liquidation of assets to the ultimate solution plan.
“It also aims at overcoming the constraints and bottlenecks of the current legal regime, because it is obsolete, it aims at adapting the credit rating system to a new scale of priorities, with emphasis on the priority protection of workers, the maintenance of productive sources and employment ”, said Francisco Queiroz.
The law, which does not apply to public and publicly owned companies, even minority ones, to financial institutions, whether banking or non-banking, to insurance and capital markets, still aims to establish a normative framework aimed at for situations of transnational insolvency, as well as preventing criminal and specific types, arising from the general picture of business recovery and insolvency.
The minister clarified that the exclusion of these entities does not mean that they are left without a regime to solve the problem of lack of liquidity or lack of capacity to intervene in the market, but each of them has its own regime.
“We are convinced that the proposed law will respond satisfactorily to the problems that economic agents today pose, with regard to the insolvency procedure and the recovery of companies and access to credit, and, therefore, can contribute to a more attractive business environment in our country. country ”, he stressed.
The aforementioned law proposal aims to regulate the legal regime for the recovery of credits, the process of extrajudicial and judicial recovery and the insolvency of natural and legal persons in economically difficult situations or of imminent insolvency.
