Two CEU LEGS alumni - Williams C. Iheme and Sanford U. Mba - published an article titled “A Doctrinal Assessment of the Insolvency Frameworks of African Countries in coping with the Pandemic-triggered Economic Crisis” in Stellenbosch Law Review, 2021, Vol
This article published in STELLENBOSCH LAW REVIEW (2021)32:2, is a critique of the recent business/debt restructuring mechanisms that were introduced under the Nigerian Companies and Allied Matters Act 2020, and under the Kenyan Insolvency Act 2015. In many respects, these reformed laws are arguably overbearing for small businesses especially in the context of the pandemic. Thus, managers of corporate businesses that are financed with either a loan or sale credit (especially small and family-owned corporate businesses), or their legal advisers, need to be familiar with how these pieces of legislation have materially altered the preexisting debt restructuring tools for corporate debtors and the concomitant issues of liquidation. The article’s arguments and views are informed by the comparative analysis of four jurisdictional insolvency frameworks including the US chapter 11 debtor-in-possession. The article hopes to assist unsuspecting business managers in overcoming the “hidden” strictures of these pieces of legislation.