Cape Verde - insol.org Round Table/Mauritius 2017... · A mere drafting of the rules/ regulations...

Thursday 9th November 2017

Peer to Peer Workshop We asked those jurisdictions participating in Africa Roundtable to answer several questions in respect to their insolvency legislation. The following country summaries have been submitted.

Cape Verde

When was your insolvency law passed?

The Insolvency and Recovery Code - Law nº 116/VIII/2016 - was approved in National Assembly on

the 28th of January of 2016, published in the official gazette on the 22nd of March of 2016, and went

into effect on the 1st of September that same year.

What are the main changes that have been made to your insolvency law?

The new Law represents the inception of a dedicated insolvency legal regime in Cabo Verde. The

previous provisions that governed the matter dated back to the Civil Process Code (Código de

Processo Civil) in the pre-independence era (1962), and were restricted to the liquidation of assets in

favor of creditors. Even with the numerous changes made to the Civil Process Code over the years,

the articles that touched on matters of insolvency weren’t altered or updated, and awaited a

dedicated legal decree, which came about only in 2016.

What specific challenges have you faced in implementing the law?

Given its recent inception just last year, the current challenge is disseminating the Law throughout

all the intervening stakeholders; the new Law is considerably lengthy (354 articles) and complex,

hence significant training and appropriation will be required.

What would you like to see happen to address the implementation gap?

At this stage, the priority is disseminating and providing training on the Law to judiciary officers,

especially magistrates that will enforce it. Insolvency administrators, created under the new Law and

to be part of an official court list, will also need specific training to get the appropriate know-how.

How has your new law regulated the insolvency profession?

The new Law has created a number of figures related to the insolvency and judicial and extrajudicial

recovery process – mediator and recovery administrator in the case of extrajudicial and judicial

recovery, and the insolvency administrator for the insolvency process. The mediator figure is

regulated in the Law itself, which also mentions related legal decrees associated with mediation and

dispute resolution. As for the statutes of the insolvency administrator, further regulations might be

necessary to detail the recruiting procedures and credentials necessary to enter the official

insolvency administrator list in the courts.

If you have statistics regarding the number of insolvency cases for the past few years,

please provide.

Unfortunately there isn’t specific statistical info that indicates the number of insolvency cases in

recent years. It is estimated nonetheless that there are very few cases. There isn’t any known case

after the new Law went into effect in September of 2016, presumably due to current lack of

dissemination and appropriation of the new Law.

Ethiopia


The Ethiopian insolvency/bankruptcy law is part of the Ethiopian commercial law. the commercial

law incorporates 5 books and the fifth book is about bankruptcy and scheme of arrangement. the

Ethiopian commercial code which includes bankruptcy law is passed in 1960.


Still now no change is made to Ethiopian insolvency law which was enacted in 1960, but currently we

are amending the whole commercial code including the insolvency law. The law is too old and out

dated, so we are amending it.


To my knowledge the Ethiopian insolvency law is not tested practically. I know that there is only one

case Holland car case that has brought to court, so it is difficult to know the challenges concerning

the insolvency, but when we do a research to amend the law there are some gaps.


There are some gaps which should be covered by the new insolvency law. There are details of gaps

and I will try to cover those points during my presentation.


I can say that there is no provision or practice concerning insolvency profession. Even previously,

insolvency law was not part of the curriculum in Ethiopian law schools, but currently it is included in

the curriculum.


please provide.

I only know one case, Holland car case.

Ghana


The Bodies Corporate Official Liquidations Act (Act 180) was passed in 1963. We're currently in the

process of revising the law and there is an Insolvency Bill which is being reviewed by Cabinet


The main changes include provisions for a Restructuring Regime, inclusion of the UNCITRAL rules for

cross border insolvency,


The existing law does not have a rescue regime and its quite old and not reflective of modern

business practices


First, we need to have the law passed, then there should be training for judges, practitioners and

other stakeholder groups


Not applicable


please provide.

Not applicable

Kenya


Our insolvency law was passed by Parliament in September 2015 and became effective in March

2016. Our first set of regulations were gazetted on 21st March 2016.


There have been several changes to our insolvency law:

• Both bankruptcy laws and liquidation of companies were consolidated into one single law

• Provisions regulating insolvency practitioners were introduced

• Alternatives to bankruptcies and liquidations have been added e.g. summary instalment orders, no asset procedures, voluntary arrangements, administrations

• Provisions on cross border insolvency were expounded


There is generally a lack of understanding of insolvency law in Kenya. We have not been able to

conduct training on the new concepts of Insolvency law which are complex.


We need to increase our efforts in capacity building and public awareness. We are currently

arranging more stakeholder engagements with the key stakeholders, i.e. insolvency practitioners,

legal fraternity, judiciary, accountants etc.


Improved accountability for the insolvency practitioners. They have become more transparent in

their dealings as there has been more scrutiny.


please provide.

As of October 2017, we have 913 bankruptcy cases, 363 Company liquidation cases, 7 summary

Instalment Orders, and 12 No asset procedure cases.

Liberia


An Act to Repeal The Fraudulent Act, Chapter 8 of Liberian Commercial Code, Title 7 of The Liberian

Code of Laws Revised, and To Enact In Lieu Thereof A New Chapter 8 of The Liberian Commercial

Code Entitled the Insolvency and Restructuring Act” Approved: December 27, 2016


The Commercial Court has exclusive jurisdiction over all insolvency cases regardless of amount

involved and notwithstanding any monetary any monetary limits or thresholds, and all matters

relating to the administration of a Debtor’s property and Estate disposition thereof – Subchapter 2:

Section 8.6 – Jurisdiction. The law is quite comprehensive and creates an enabling environment for

business in distress to rebuild.


No regulations on implementation of the law. The law is simply on paper and not being executed.


A mere drafting of the rules/ regulations of how the statute is to operate will be helpful.


The absence of procedures on implementing the statute has chilled operation of the law.


please provide.

At least a dozen cases have been filed. Due to the lack of guidelines these cases are yet to be

determined.

Mozambique When was your insolvency law passed?

In 2013. Was approved the Insolvency and Corporate Reorganization Legal Framework, by Legislative

Decree No. 1 of July 4, 2013.


Was:

Introduced a court-supervised reorganization procedure, allowing insolvent but viable companies to

continue operation as an alternative to liquidation.

Established the possibility of a pre-packaged reorganization, as a way for an insolvent company to

negotiate a reorganization plan with its creditors.

Clarified the professional qualifications and appointment process for insolvency administrators.


• Lack of knowledge of the law by businessmen

• Tight requirements for insolvency and Corporate Reorganization

• Delayed Decisions

• Cultural reasons associated with insolvency preconception

• No strict sanctions for non-submission to insolvency


• Introduction of insolvency law in university curriculums

• More Training of Magistrates

• More Training of Insolvency Administrators

• More Training of Lawyers


The new Insolvency Law, clarified the professional qualifications and appointment process for

insolvency administrators. An insolvency administrator must be a lawyer, economist, accountant or

business administrator with a minimum of 5 years of professional experience or a legal entity

specialized in the mentioned field. Insolvency administrators are appointed by the court.


please provide.

Namibia


The Insolvency Act, 1936 (Act No. 24 of 1936) of Namibia was passed by the South African

parliament on 1 July 1936 and applied to South West Africa (as Namibia was then known before its

independence on 21 March 1990) as from 1 July 1943 by virtue of the Insolvency Amendment Act,

1965 (Act No. 99 of 1965). This Insolvency Act, 1936 continues to be Namibia’s primary insolvency

legislation even after independence, and it is often used in conjunction with principles of common

law, the Companies Act, 2004 (Act No. 28 of 2004) and the Close Corporations Act, 1988 (Act No. 26

of 1988) where the insolvency of juristic persons is concerned.


Since the review of the Insolvency Act, 1936 began in 2013, the Law Reform and Development

Commission (LRDC) has made significant proposals to amend the Insolvency Act, 1936. These

proposals deal significantly with the following aspects of insolvency:

year Ongoing

cases New cases

Finalized Carried

Sentence Other

reasons

2015 9 4 0 1 12

2016 12 2 1 2 11

September 2017 11 2 0 1 12

• The enforcement of close-out netting provisions in financial contracts in the event of insolvency;

• The regulation and supervision of the insolvency profession;

• The abolishment of the requirement to prove ‘advantage to creditors’ for the voluntary surrender of a debtor’s estate;

• The clarification of the correct procedure to liquidate trusts; and

• The introduction of cross-border insolvency provisions.

• The abolishment of the need to possess the movable asset in the creation of a special notarial bond and the elevation of the otherwise preferent creditor to a secured creditor in the event of insolvency.


At this stage, the above proposals are just proposals and not law, and these proposals may therefore

be subject to change. The LRDC is still working on finalising these proposals before subjecting these

for wider stakeholder consultations and before the draft Insolvency Bill is submitted to the Minister

of Justice. But already, it appears that the governance, regulation and supervision of the insolvency

profession poses a significant challenge for Namibia, given the current economic recession.


N/A


The Commission has proposed the establishment of an Insolvency Commission to supervise the

licensing of insolvency practitioners in Namibia. This Insolvency Commission is envisaged to be an

agency within the Public Service and would replace the functions of the Master of the High Court in

so far as the appointment and supervision of provisional and final trustees are concerned.

In addition to the regulation of the insolvency profession, an institutional infrastructure will be

required to facilitate the monitoring and registration of these professionals. Whether it means

establishing an independent or by capacitating the Office of the Master which already has this

mandate is ultimately the question.


please provide.

See Appendix A.

Nigeria


A look at the website of the National Assembly (Parliament) www.nassnig.org revealed that a “Bill

for an Act to Repeal the Bankruptcy Act, Cap. B2, Laws of the Federation of Nigeria, 2004, and Re-

enact the Bankruptcy and Insolvency Act, 2016, to make Provisions for Corporate and Individual

Insolvency, to Provide for the Rehabilitation of the Insolvent Debtor, and to Create the Office of the

Supervisor of Insolvency, and for Other Related Matters (HB. 700)”; was read the Third Time and

passed by the House of Representatives in November 2016. It also showed that the Senate

Conference Committee in July 2017 received and laid the Report of the Conference Committee on

the ‘Bankruptcy and Insolvency Act Cap B2 LFN 2011 (Repeal and Re-enactment) Bill, 2017 (SB. 09)’.

However, there was nothing to show that the Bill had been enacted into an Act. The Bill seems to

deal more with bankruptcy (personal insolvency) than corporate insolvency, which is why it has been

argued that the title is misleading.

So, no insolvency Law in the sense of corporate insolvency law has been enacted in Nigeria.

The Companies and Allied Matters Act, 1990 (and other legislations dealing with the subject

including Asset Management Corporation of Nigeria Act, 2010 (as amended) and Property and

Mortgage Law of Lagos State, 2010) continue to govern corporate insolvency.


None. This is because it will be premature to discuss the main changes in the Bill since the Bill has

not been enacted into an Act as to become enforceable and the situation has not changed.


Same as answer in 2 above.


Quick enactment of the Bill into an Act to facilitate enforcement.


No new insolvency Law.


please provide.

Corporate Insolvency matters are mainly filed at the Federal High Court. The High Courts also handle

some insolvency matters but mainly corporate insolvency (secured with legal mortgages) and

personal insolvency. Due to the intervention of the Parliament through the establishment and

empowerment of Asset Management Corporation of Nigeria (AMCON), the number of corporate

insolvency cases had risen in the past few years. However, it was not possible to get current figures

of the insolvency cases for the past few years.

Seychelles


The Insolvency Act 2013.


It repealed the old colonial bankruptcy act and brought those provisions within the new Insolvency

Act;

• It merged companies winding up with Insolvency provisions together, when previously this formed part of the Companies Act 1972;

• Provides for and facilitates cross border bankruptcy.

• What specific challenges have you faced in implementing the law?

• None so far, in view of very little cases of insolvency in Seychelles.


In light of the fact that there are very little insolvency cases no real challenges have emerged. With

continued application of the law, challenges will surely emerge, but none of yet.


The Act has not made any regulatory changes to the insolvency profession.


please provide.

No official statistics, but at least 2 cases a year and so far only one case of bankruptcy.

South Africa


South African insolvency law is not contained in one single act although it is largely regulated by the

Insolvency Act of 1936 which Act deals with the sequestration of individuals and related matters.

Regarding corporate bankruptcy, the former Companies Act 61 of 1973 (the 1973 Companies Act, or

the Companies Act of 1973) and the Close Corporations Act 69 of 1984 contain chapters that dealt

with the winding-up (or liquidation) of companies and close corporations respectively. These

provisions were however not complete, and in relation to insolvent companies or close corporations,

certain sections of these Acts made certain provisions of the Insolvency Act of 1936 as well as South

African common law provisions applicable to the liquidation or winding-up of companies or close

corporations that were unable to pay their debts. The 1973 Companies Act was however replaced by

the Companies Act 71 of 2008 as from 1 May 2011 (the 2008 Companies Act, or the Companies Act

of 2008). At this point that the 2008 Companies Act does not provide comprehensively for the

winding-up of companies and that it has set a process in motion to phase out the close corporations

as a business form. A new business rescue procedure has however been introduced by the 2008

Companies Act that has replaced judicial management of the 1973 Companies Act as a formal rescue

procedure. (See Boraine “Elements of Bankruptcy law and Business Rescue in South Africa” 2015).


The Insolvency Act of 1936 remains applicable to insolvency law matters. South African Law

Commission and the Standing Advisory Committee on Company Law made proposals to the

Department of Justice and Constitutional Development for uniform legislation that deals with all

corporate and individual insolvencies. It is impossible to predict when this new legislation will come

into force.

The “new” legislation regulating business rescue proceedings is contained in Chapter 6 of the 2008

Companies Act. On the basis that the Act became operative in South African law on 1 May 2011,

business rescue legislation in South Africa is still in its infancy having been around for just over 6

years.

There are at this stage no formal amendments that have been proposed to the business rescue

provisions of the 2008 Act. The Companies and Intellectual Property Commission ("CIPC"), being the

statutory entity responsible for the administration of business rescues in South Africa, has

established a Business Rescue Liaison Committee (BRLC) consisting of various stakeholders, to

review the current business rescue landscape, consider the pitfalls in the legislation and propose

reforms which may become necessary following the outcome of the research. A draft report setting

out proposed amendments to the legislation has been circulated but is not yet in public domain.


During the consultation process surrounding the enactment of the 2008 Companies Act, the

Department of Trade and Industry was made aware of proposals within the Department of Justice

and Constitutional Development to develop uniform insolvency legislation which would possibly

overlap and could conflict with the regime set out in the old Companies Act for dealing with and

winding-up insolvent companies. As a consequence, the 2008 Act provides for transitional

arrangements that retains Chapter 14 of the 1973 Act, on an interim basis until such time as any new

uniform insolvency law may be enacted and brought into operation.

As with any new legislation there are challenges in the interpretation of certain provisions in the

2008 Companies Act and as a result there has been a wave of litigation as practitioners; lawyers and

the courts grapple with novel concepts and bad drafting. Practical issues in the business rescue

process such as the implementation of the plan, post commencement finance, as well as the

appointment and regulation of the business rescue practitioners have also proven to be stumbling

blocks in the way to successful implementation.


The lack of proper implementation is often tied to ineffective legal and regulatory frameworks and

lack of capacity building and development. Political will is also one of the key elements of successful

law implementation and the inconsistencies in relation to procedures dealing with the

administration of insolvent estates for individuals and companies highlight the importance of law

reform in this area. In particular, regulation of the Insolvency industry by the introduction of new

legislation will be welcomed and will improve standards of professional conduct and boost the image

of the Insolvency industry in South Africa.

Any legislation can suffer an implementation gap when its provisions are overly complicated,

conflicting, or unclear. It is therefore also necessary that the initiative by CIPC to propose certain

amendments to provisions in the 2008 Companies Act should enjoy high priority.


Section 138 of the Companies Act 2008 states that in order to qualify for appointment as a business

rescue practitioner, an individual or individuals have to be “a member in good standing of a legal,

accounting or business management profession accredited by the Commission”. The section thus

presupposes membership to a pre-existing profession and thereafter adds the requirement of

accreditation. Previously CIPC issued conditional licenses to business rescue practitioners and the

experience of the applicant as well as the size of the company were factors taken into account.

Recently a notice was issued by CIPC stating that only professional bodies recognized by the South

African Qualification Authority (SAQA) will be accredited by CIPC and practitioners were advised to

belong to a legal; accounting or business management profession recognized by SAQA. Henceforth

all members belonging to these bodies will be licensed through their bodies and only those that do

not belong to any recognized body may apply directly to the Commission and they will be

conditionally licensed. (See notice 49 of 2017).

At present the appointment of insolvency practitioners in terms of the Insolvency Act is also under

scrutiny since affirmative action practices to allow more Previously Disadvantaged Individuals (PDI’s)

to act as such, plays a role in the appointment of trustees and liquidators. During February 2014,

following the adoption by the Minister of a new Policy, the Western Cape High Court in The South

African Restructuring and Insolvency Practitioners Association v The Minister of Justice and

Constitutional Development (4314/2014) [214] WCC (13 January 2015) declared the policy

unconstitutional. The Minister and the Chief Master’s appeal were also unsuccessful and the matter

will now be heard in the Constitutional Court on the 2nd of November.

The Office of the Chief Master advises that legislation to regulate the profession is presently being

considered; however, there is no indication as to when such legislation will be enacted.


please provide.

See Appendix B.

Sudan


The law which governs insolvency in the Sudan is found in three different legislations; namely: The

Bankruptcy Act 1929, the Civil Procedures Act 1983 and the Companies Act 2015.

Insolvency cases are considered through the Civil Procedure Act of 1983, in respect of enforcement

procedures. Where a court order to pay money and the judgment debtor is not able to pay, and he

has no movables to be sold, the court may issue an order to hold him in detention until the

execution amount granted by the court ruling is paid. He shall be released only if he has pays such

amount or if the creditor person waives the amount or if the debtor proves in evidence that he is

insolvent.

The Bankruptcy Act 1929 defines the act of bankruptcy committed by a person whether natural or legal entity, and provides for the rules and procedures applicable in cases of bankruptcy. The first law governing company was enacted in 1925 and continued to be in force until 2015 when a new company legislation was promulgated. One of the reasons stipulated by the Companies Act to liquidate the company is the company's inability to pay its debts.


Certain changes were made when the new company law was issued. The liquidation of the company

and other materials were included based on the defects that emerged when the application took

place. There is currently a legal reform process taking place in the country. The proposed

amendments include insolvency law, notably the repeal of the provision concerning detention of

insolvent debtor.


The challenges facing the application of these laws: Bankruptcy Law is an old law that requires many

of its articles to be updated and detailed in order to be in line with modern economic and

commercial development.

The lack of a precise definition led to confusion between bankruptcy, which is in commercial transactions and insolvency, which is in certain other civil liabilities.


I believe that application and legislation should be in one side to avoid shortcomings of the

legislation or lack that appeared in application. Judicial precedents should be given special

consideration as a source of law, especially as the cases of insolvency have become steadily

increasing.


As I mentioned there are many precedents resulted from the practice of various laws and became rules to be applied in the absence of legislative provision. Recently, after the establishment of the Khartoum Commercial Court in 2002, which dealt with

bankruptcy cases, there has been an increase in bankruptcy cases. The Court has put a number of

rules in place which lead to the decrease of the number of cases. However, in civil courts in cases of

enforcement there is a clear increase in cases of insolvency. In most cases the debtor is unable to

prove his insolvency before the court or to explain where the creditors' money has gone, so he will

remain in detention until the payment of the amount due.

The Zakat Chamber contributes significantly to assisting those insolvent who are detained in prison,

in securing payment of their debts, and has a fixed item to pay for debtors.

Uganda


The Insolvency Act of Uganda was passed in 2011 and came into effect on the 1st July 2013. The Act

provides for receiverships, administrations, liquidations, arrangements, bankruptcy, regulation of

insolvency practitioners and cross border insolvency. It also amended and consolidated the laws

relating to receiverships, administration, liquidation, arrangements and bankruptcy into one Law.

This law provides an orderly process for the reorganisation or liquidation of insolvent

entities/persons in a collective manner ensuring that when businesses/individuals face financial

difficulties, mechanisms are available to either rescue them.


Although no amendments have been made to the principal Act, a number of initiatives have been

taken to operationalise the insolvency Act by way of subsidiary Legislation.

a) Insolvency Practitioners Regulations, No.55 of 2017: These Regulations were passed in June 2017 by the Minister of Justice and Constitutional Affairs. They provide for registration of Insolvency Practitioners with the Official Receiver and provide for their code of conduct. All insolvency practitioners are required to register with the Official Receiver who maintains a register of insolvency practitioners. The certificate of registration is renewed yearly and the IP is required to file annual returns of all cases he/she has handled throughout the year.

b) Insolvency Investigation and Prosecution Regulations, 2017; In the course of implementing

the Insolvency Act and the Regulations, the official receiver noted the need for further Regulations to guide the investigation and prosecution of directors, shareholders,

contributories, all present and past officers of an insolvent company, the insolvency practitioners and any person for offences committed under the Act. The Official Receiver thus held consultative meetings with different stakeholders including Insolvency Practitioners, Directorate of Public Prosecutions [being the organ of government with the constitutional mandate to prosecute criminal cases], Uganda Police [organ of government with constitutional powers to effect arrests and conduct criminal investigations] and produced the final draft which is before the Minister of Justice and Constitutional Affairs for signature and passing.

c) Amendment of Insolvency Fees Regulations: These regulations prescribe fees that are payable pursuant to the Insolvency Act 2011 and Insolvency Practitioners Regulations 2017. The final draft of the revised Regulations was submitted to the Honourable Minister of Justice and Constitutional Affairs for passing.

d) Cross Border Insolvency Rules: Uganda adopted the UNCITRAL Model Law. The Chief Justice in consultation with the Minister is mandated to make Cross Border Insolvency rules to regulate multi- jurisdiction insolvency proceedings in Uganda. The draft Regulations were reviewed, approved by the Chief Justice’s Rules Committee and submitted to the Honourable Minister of Justice and Constitutional Affairs for passing.


1. Lack of enabling Regulations to implement certain provisions of the Act. We have handled this challenge by closely engaging First Parliamentary Counsel and fast tracking the passing of the regulations.

2. Ugandan courts have a reputation for slow dispensation of justice where judgments take up to several months and in some cases years due to insufficient manpower and skill set to handle complex commercial cases. This affects the return to creditors especially in cases where the debtor has perishable goods. Solution: Uganda opened its first Commercial Court in 1996 to deliver an efficient,

expeditious, and cost-effective mode of adjudicating commercial disputes. Most of

insolvency proceedings are handled by either the Civil or Commercial Division of the High

Court. The Official Receiver as the Regulator of Insolvency Practice has shifted focus on

capacity building of judges and practitioners through training to improve their skills to

handle insolvency matters.

Between the dates of 14th- 18th November 2016, the Official Receiver organized the

Insolvency Week under the theme; “Enhancing Stakeholder Awareness on Insolvency”. The

week-long activities involved the Official Receiver’s Forum that attracted the Official

Receiver of Uganda, Kenya and Tanzania, representatives from Law Reform Commission of

Kenya and Tanzania and Insolvency Practitioners to a round table discussion focusing on the

readiness of the East African Community to handle Cross Border Insolvencies.

There was a Judges Colloquium facilitated by Hon. Justice Elizabeth Stong (U.S), Hon. Mr.

Justice Alastair Norris (UK), Mr. Russell Downs (PWC-UK), Mr. Muniu Thoithi (PWC-Kenya)

and Mr. Kabiito Karamagi, (Ligomarc Advocates Uganda). The participants included

insolvency practitioners, judges of the High Court (Commercial and Civil Divisions) as well as

Registrars in those Courts were trained on the tools of debt restructuring.

3. High costs involved in the insolvency proceedings that affect the return to creditors.

4. Preference of debtors to liquidation as opposed to business rescue mechanisms.


In all this, an effective insolvency system cannot be sound without the enabling or implementing

infrastructures. The key players and cornerstones in any insolvency system consist of the Regulator

who over sees all insolvency proceedings, Insolvency Practitioners who act on behalf of the

debtor/creditors in insolvency proceedings and, Courts of law which administer justice in the

process. We look forward to;

• Strengthening of the Legal, Policy and Institutional Framework of the Official Receiver office to effectively handle his mandate under the insolvency Act.

• International Co-operation and Partnerships with different insolvency regulators as well as international courts in matters of cross border insolvencies so as to learn from their success stories.

• Capacity building of all key players to effectively handle insolvency matters.

• Amendments to the insolvency Act to cover issues relating to reducing the cost and duration attached to insolvency proceedings.

• Sensitisation drives to the public on the benefits of business rescue mechanisms as opposed to liquidation.


Regulation of insolvency practice in Uganda is a fairly new phenomenon. Before 2011, the official

Receiver had no regulatory powers over I.Ps. issues of misconduct were never really addressed for

lack of a clear forum as legal framework did not provide for qualifications of IP.

With the enactment of the Insolvency Act,

1. The law widened the powers to the Official Receiver to include the regulation of Insolvency Practitioners. The official Receiver is now the ‘Regulator of Regulators’ with powers to; ✓ Investigate the conduct of insolvency practitioners and to prosecute them for any

offences committed; ✓ Act during a vacancy in the office of an insolvency practitioner; ✓ Receive and review reports on the conduct insolvency matters; ✓ Impose fines for non-compliance with the statutory requirements.

2. The new law also saw the professionalization of the insolvency profession. For one to act as

an insolvency practitioner, one needs to be qualified as a lawyer, accountant or chartered secretary who is registered member of their professional body and must have security or professional indemnity for the proper performance of his or her duties.


please provide.

WORKLOAD TRENDS AND STATISTICS

FINANCIAL YEAR 2016/2017

Mode QTR1 QTR2 QTR3 QTR4 TOTAL

Members Voluntary Winding up

20 16 13 48 97

Certificates of Security 20 18 13 48 99

Receiverships 0 2 0 0 2

Companies Liquidated 0 0 3 7 10

Administration 0 0 0 1 1

Bankruptcy 0 0 1 1 2

Creditor Claims Settled 830 830

The above table denotes the first ever first ever administration case in Uganda, Uganda Telecom

Limited (UTL).

The company was placed in administration on May 22, 2017 and the Official Receiver appointed as

administrator to supervise the implementation of the administration deed for a moratorium period

of six months. The company had liabilities estimated at over UGX 709bn (approximately. USD 197m)

against an estimated asset value of UGX 148bn (approximately USD 41m). An administrator was thus

appointed to return the company to profitability and settle of claims of creditors.

Since the commencement of the Administration process in May 2017, the company has registered

tremendous success, including improving network availability by 15%, reduction in the wage bill by

27% and growth in the company’s revenue and debt collections.

Zambia


The Companies Act, Chapter 388 of the Laws of Zambia, which was enacted in 1994, provides a

framework for corporate insolvency. The Act generally provides for receivership and winding-up of

companies


The current law on insolvency has not been changed. However, a Corporate Insolvency Bill, 2017 has

been introduced before the National Assembly of Zambia for consideration and is likely to become

law


The corporate insolvency framework under the Companies Act, which is largely based on Common

Law, is not comprehensive to address the latest trends in corporate insolvency

Key challenges include –

• Absence of qualifications for insolvency practitioners

• Lack of accountability by insolvency practitioners

• Absence of timelines for submission of information such as statement of affairs

• Inability, in most cases, by insolvency practitioners to salvage a company placed under receivership, with insolvency practitioners seemingly benefiting from the process. Most of the companies end up in liquidation

• Delays in concluding receivership proceedings by Courts often occasioned by delays in submission of information required


N/A


The proposed Corporate Insolvency Bill, 2017 has not yet been promulgated

However, the objects of the Bill are to provide for –

• Corporate receiverships, appointment of receivers and the duties and responsibility of receivers

• Business rescue, business rescue proceedings and plans and appointment of business rescue administrators

• Schemes of arrangement with creditors

• Insolvency practitioners qualifications, duties and responsibilities

• Cross border insolvency


please provide.

The information which is attached relates to actual insolvency records before the regulatory agency,

Patents and Companies Registration Agency of Zambia. The Judiciary would be in a better position to

provide information on number of insolvency cases before the Courts of Law.

See Appendix C

Zimbabwe


• The insolvency legal framework in Zimbabwe is currently fragmented with some provisions in the Insolvency Act, the Companies Act and the Administration of Estates Act. Zimbabwe has embarked on insolvency law reform with technical assistance from the World Bank Group.

• An Insolvency Bill is currently before Parliament and await gazetting.


• The insolvency law will consolidate the legal framework and cover corporations and individuals. The judicial management law is being reviewed so that it can move to business rescue, which is more positive and enables the resuscitation of business.

• The revised legislation will focus on developing a regime for out of court workouts, an approach that will keep potentially viable, but distressed businesses alive instead of

liquidation. This would enable creditors to recover part or all of what they would be owed, preserve jobs and sustain customers and the supplier network.

• The reforms also seek to introduce registration of insolvency practitioners, code of conduct for insolvency practitioners, practical training for insolvency practitioners, and capacity building for the Master of High Court office.

• In recent years, many creditors failed to recover substantial amounts when the companies owing them were either placed under judicial management due to the lengthy judicial management processes which led to deterioration in the institution’s asset base against high administration fees.

What specific challenges have you faced in implementing the law? The law is not yet in place.

What would you like to see happen to address the implementation gap? The law is not yet in place.

How has your new law regulated the insolvency profession? The proposed legal reforms seek registration of insolvency practitioners, practical training for insolvency practitioners, and capacity building for the Master of High Court office.

If you have statistics regarding the number of insolvency cases for the past few years, please provide. Not available

APPENDIX A

www.statssa.gov.za

[email protected]

T +27 12 310 8911

F +27 12 310 8500

Private Bag X44, Pretoria, 0001, South Africa

ISIbalo House, Koch Street, Salvokop, Pretoria, 0002

STATISTICAL RELEASE P0043

Statistics of liquidations and insolvencies (Preliminary)

August 2017

Embargoed until: 26 September 2017

14:30

ENQUIRIES: FORTHCOMING ISSUE: EXPECTED RELEASE DATE:

Juan-Pierre Terblanche September 2017 23 October 2017

012 310 2965

APPENDIX B

STATISTICS SOUTH AFRICA P0043

Statistics of liquidations and insolvencies, August 2017

1

Contents

Liquidations: results for August 2017 ...................................................................................................................... 2

Table A – Number of liquidations.................................................................................................................................. 2

Figure 1 – Number of liquidations ................................................................................................................................. 2

Insolvencies: results for July 2017 ........................................................................................................................... 3

Table B – Number of insolvencies ................................................................................................................................ 3

Figure 2 – Number of insolvencies ............................................................................................................................... 3

Tables ........................................................................................................................................................................... 4

Table 1 – Total liquidations according to industry (number) ...................................................................................... 4

Table 1.1 – Liquidations of companies according to industry (number) ....................................................................... 4

Table 1.2 – Liquidations of close corporations according to industry (number) ........................................................... 4

Table 2 – Total liquidations (number) ........................................................................................................................ 5

Table 2.1 – Compulsory liquidations (number) ............................................................................................................. 5

Table 2.2 – Voluntary liquidations (number) ................................................................................................................. 5

Table 3.1 – Compulsory liquidations of companies (number) ...................................................................................... 6

Table 3.2 – Voluntary liquidations of companies (number) .......................................................................................... 6

Table 4 – Total liquidations of close corporations (number) ...................................................................................... 7

Table 4.1 – Compulsory liquidations of close corporations (number) .......................................................................... 7

Table 4.2 – Voluntary liquidations of close corporations (number) .............................................................................. 7

Table 5 – Insolvencies of individuals and partnerships (number) ............................................................................. 8

Table 6 – Seasonally adjusted number of insolvencies ............................................................................................ 8

Explanatory notes ....................................................................................................................................................... 9

Glossary ....................................................................................................................................................................... 9

Technical enquiries .................................................................................................................................................. 10

General information .................................................................................................................................................. 10



2

Liquidations: results for August 2017

Table A – Number of liquidations

Number of liquidations August 2017

% change between August 2016

and August 2017

% change between June to August 2016

and June to August 2017

% change between January to August 2016

and January to August 2017

179 -1,1 -5,5 -10,4

The total number of liquidations showed a decrease of 1,1% in August 2017 compared with August 2016. Voluntary

liquidations decreased by 14 cases while compulsory liquidations increased by 12 cases.

Table 1 shows liquidations by industry. Six out of the ten industries decreased year-on-year with financing,

insurance, real estate and business services showing the largest decrease from 72 to 49 (23 fewer liquidations).

There was a decrease of 5,5% in the three months ended August 2017 compared with the three months ended

August 2016. The total number of liquidations recorded for the first eight months of 2017 decreased by 10,4%

compared with the first eight months of 2016.

Figure 1 – Number of liquidations



3

Insolvencies: results for July 2017

Table B – Number of insolvencies

Number of insolvencies July 2017

% change between July 2016

and July 2017

% change between May to July 2016

and May to July 2017

% change between January to July 2016

and January to July 2017

249 13,7 6,0 -8,5

The estimated number of insolvencies increased by 13,7% year-on-year in July 2017. A 6,0% increase was

estimated in the three months ended July 2017 compared with the three months ended July 2016 – see Table 5.

Seasonally adjusted insolvencies increased by 4,1% in July 2017 compared with June 2017. This followed month-

on-month changes of 18,1% in June 2017 and -1,4% in May 2017 – see Table 6.

Figure 2 – Number of insolvencies

PJ Lehohla Statistician-General



4

Tables

Table 1 – Total liquidations according to industry (number)

Industry

January – August 2017

August 2016 July 2017 August 2017

C V Total C V Total C V Total C V Total

1.Agriculture, hunting, forestry and fishing 0 9 9 0 2 2 0 0 0 0 1 1

2.Mining and quarrying 0 4 4 0 0 0 0 1 1 0 0 0

3.Manufacturing 0 39 39 0 7 7 0 5 5 0 6 6

4.Electricity, gas and water 1 3 4 0 0 0 0 0 0 1 1 2

5.Construction 8 54 62 0 11 11 2 7 9 1 10 11

6.Trade, catering and accommodation 23 233 256 2 44 46 4 30 34 8 33 41

7.Transport, storage, communication 4 21 25 0 5 5 0 1 1 0 3 3

8.Financing, insurance, real estate, business services 33 333 366 3 69 72 1 39 40 4 45 49

9.Community, social, personal services 10 96 106 3 9 12 1 12 13 1 10 11

10.Unclassified 21 268 289 1 25 26 2 23 25 6 49 55

Total number of liquidations 100 1 060 1 160 9 172 181 10 118 128 21 158 179

Table 1.1 – Liquidations of companies according to industry (number)

Industry






3.Manufacturing 0 15 15 0 3 3 0 2 2 0 3 3


5.Construction 4 15 19 0 2 2 0 2 2 0 4 4





10.Unclassified 20 227 247 1 22 23 2 17 19 6 41 47

Total number of liquidations 58 514 572 6 91 97 4 58 62 14 80 94

Table 1.2 – Liquidations of close corporations according to industry (number)

Industry






3.Manufacturing 0 24 24 0 4 4 0 3 3 0 3 3


5.Construction 4 39 43 0 9 9 2 5 7 1 6 7





10.Unclassified 1 41 42 0 3 3 0 6 6 0 8 8

Total number of liquidations 42 546 588 3 81 84 6 60 66 7 78 85

C = Compulsory.

V = Voluntary.



5

Table 2 – Total liquidations (number)

Month 2011 2012 2013 2014 2015 2016 2017

January 313 200 245 132 136 135 91

February 399 200 271 171 158 193 146

March 350 312 285 206 208 161 188

April 267 274 240 149 155 141 150

May 107 269 130 221 179 177 124

June 156 213 193 199 158 122 154

July 251 147 194 213 190 185 128

August 302 241 203 162 177 181 179

September 330 236 152 151 149 172

October 363 235 191 168 195 184

November 398 195 127 169 138 160

December 323 194 143 123 119 123

Total 3 559 2 716 2 374 2 064 1 962 1 934

Table 2.1 – Compulsory liquidations (number)

Month 2011 2012 2013 2014 2015 2016 2017

January 45 61 3 22 13 16 6

February 26 27 26 12 22 13 13

March 12 39 53 18 39 14 14

April 16 4 17 35 7 24 4

May 30 3 9 29 20 14 15

June 2 14 16 89 29 10 17

July 8 1 18 47 34 25 10

August 14 63 19 25 23 9 21

September 18 58 13 20 15 29

October 61 21 9 33 14 20

November 74 18 4 23 12 14

December 75 8 24 13 10 12

Total 381 317 211 366 238 200

Table 2.2 – Voluntary liquidations (number)

Month 2011 2012 2013 2014 2015 2016 2017

January 268 139 242 110 123 119 85

February 373 173 245 159 136 180 133

March 338 273 232 188 169 147 174

April 251 270 223 114 148 117 146

May 77 266 121 192 159 163 109

June 154 199 177 110 129 112 137

July 243 146 176 166 156 160 118

August 288 178 184 137 154 172 158

September 312 178 139 131 134 143

October 302 214 182 135 181 164

November 324 177 123 146 126 146

December 248 186 119 110 109 111

Total 3 178 2 399 2 163 1 698 1 724 1 734



6

Table 3 – Total liquidations of companies (number)

Month 2011 2012 2013 2014 2015 2016 2017

January 156 97 121 74 79 66 42

February 199 75 123 87 80 100 81

March 145 115 147 89 101 78 80

April 97 105 104 78 70 80 73

May 36 130 56 108 87 96 56

June 52 105 96 104 90 65 84

July 81 74 92 109 93 108 62

August 180 133 97 86 87 97 94

September 190 136 82 75 79 85

October 167 109 100 78 88 98

November 152 72 55 75 59 72

December 151 108 75 65 56 67

Total 1 606 1 259 1 148 1 028 969 1 012

Table 3.1 – Compulsory liquidations of companies (number)

Month 2011 2012 2013 2014 2015 2016 2017

January 18 37 3 16 9 9 3

February 16 11 5 7 16 9 12

March 12 11 32 6 18 6 6

April 0 2 10 24 5 17 3

May 3 3 7 20 16 9 5

June 1 14 11 54 22 4 11

July 4 0 9 26 21 9 4

August 0 34 11 20 12 6 14

September 18 41 9 13 3 17

October 59 14 4 22 8 13

November 42 6 2 6 7 6

December 47 2 14 8 3 8

Total 220 175 117 222 140 113

Table 3.2 – Voluntary liquidations of companies (number)

Month 2011 2012 2013 2014 2015 2016 2017

January 138 60 118 58 70 57 39

February 183 64 118 80 64 91 69

March 133 104 115 83 83 72 74

April 97 103 94 54 65 63 70

May 33 127 49 88 71 87 51

June 51 91 85 50 68 61 73

July 77 74 83 83 72 99 58

August 180 99 86 66 75 91 80

September 172 95 73 62 76 68

October 108 95 96 56 80 85

November 110 66 53 69 52 66

December 104 106 61 57 53 59

Total 1 386 1 084 1 031 806 829 899



7

Table 4 – Total liquidations of close corporations (number)

Month 2011 2012 2013 2014 2015 2016 2017

January 157 103 124 58 57 69 49

February 200 125 148 84 78 93 65

March 205 197 138 117 107 83 108

April 170 169 136 71 85 61 77

May 71 139 74 113 92 81 68

June 104 108 97 95 68 57 70

July 170 73 102 104 97 77 66

August 122 108 106 76 90 84 85

September 140 100 70 76 70 87

October 196 126 91 90 107 86

November 246 123 72 94 79 88

December 172 86 68 58 63 56

Total 1 953 1 457 1 226 1 036 993 922

Table 4.1 – Compulsory liquidations of close corporations (number)

Month 2011 2012 2013 2014 2015 2016 2017

January 27 24 0 6 4 7 3

February 10 16 21 5 6 4 1

March 0 28 21 12 21 8 8

April 16 2 7 11 2 7 1

May 27 0 2 9 4 5 10

June 1 0 5 35 7 6 6

July 4 1 9 21 13 16 6

August 14 29 8 5 11 3 7

September 0 17 4 7 12 12

October 2 7 5 11 6 7

November 32 12 2 17 5 8

December 28 6 10 5 7 4

Total 161 142 94 144 98 87

Table 4.2 – Voluntary liquidations of close corporations (number)

Month 2011 2012 2013 2014 2015 2016 2017

January 130 79 124 52 53 62 46

February 190 109 127 79 72 89 64

March 205 169 117 105 86 75 100

April 154 167 129 60 83 54 76

May 44 139 72 104 88 76 58

June 103 108 92 60 61 51 64

July 166 72 93 83 84 61 60

August 108 79 98 71 79 81 78

September 140 83 66 69 58 75

October 194 119 86 79 101 79

November 214 111 70 77 74 80

December 144 80 58 53 56 52

Total 1 792 1 315 1 132 892 895 835



8

Table 5 – Insolvencies of individuals and partnerships (number)

Month 1/ 2011 1/ 2012 1/ 2013 1/ 2014 1/ 2015 1/ 2016 1/ 2017

January 161 292 164 187 168 180 156

February 340 405 269 281 254 244 213

March 479 466 339 323 293 297 225

April 291 349 241 248 207 233 180

May 365 366 310 272 230 237 206

June 418 342 291 267 236 228 270

July 373 328 304 278 214 219 249

August 464 405 349 326 216 233

September 396 276 243 261 203 210

October 461 296 264 280 215 219

November 355 306 269 258 212 208

December 241 205 196 211 226 176

Total 4 344 4 036 3 239 3 192 2 674 2 684

1/ Preliminary.

Table 6 – Seasonally adjusted number of insolvencies

Month Number Month-on-month % change

2014 2015 2016 2017 2014 2015 2016 2017

January 282 250 260 209 18,5 -2,0 1,2 0,5

February 282 249 238 204 0,0 -0,4 -8,5 -2,4

March 264 240 244 172 -6,4 -3,6 2,5 -15,7

April 274 209 250 207 3,8 -12,9 2,5 20,3

May 266 230 229 204 -2,9 10,0 -8,4 -1,4

June 247 222 206 241 -7,1 -3,5 -10,0 18,1

July 257 198 217 251 4,0 -10,8 5,3 4,1

August 279 194 205 8,6 -2,0 -5,5

September 274 212 213 -1,8 9,3 3,9

October 264 214 224 -3,6 0,9 5,2

November 267 212 210 1,1 -0,9 -6,3

December 255 257 208 -4,5 21,2 -1,0



9

Explanatory notes Introduction 1 Statistics South Africa (Stats SA) collects administrative information on liquidations from

Companies and Intellectual Property Commission, Department of Trade and Industry, while information on insolvencies is gathered from Notices of the Master of the Supreme Court that appear in the Government Gazette.

2 This statistical release reflects voluntary and compulsory liquidations of companies and

close corporations and insolvencies of individuals and partnerships. Purpose of the survey

3 The aggregated data in this release are used by the private and public sectors to measure economic performance and are also an important indicator of the scope of unpaid debt in South Africa.

4 Due to insolvencies figures being available late, the data on insolvencies are published a

month later than liquidations. Scope of the survey

5 This survey covers the total number of: companies and close corporations which were liquidated; and individuals and partnerships placed under final sequestration.

Symbols and abbreviations

6 Stats SA – Statistics South Africa

Seasonal adjustment

7

Seasonally adjusted estimates are generated each month using the X-12-ARIMA Seasonal Adjustment Program developed by the US Bureau of the Census, 1968. Seasonal adjustment is a means of removing the estimated effects of normal seasonal variation from the series so that the effects of other influences on the series can be recognised more clearly. Seasonal adjustment does not aim to remove irregular or non-seasonal influences which may be present in any particular month.

Trend cycle

8 9

Influences that are volatile or unsystematic can still make it difficult to interpret the movement of the series even after adjustment for seasonal variations. This means the month-to-month movements of seasonally adjusted estimates may not be reliable indicators of trend behaviour. The X-12-ARIMA procedure for liquidations and insolvencies is described in more detail on the Stats SA website: click to download seasonal adjustment P0043 March 2017 The trend is the long-term pattern or movement of a time series. The X-12- ARIMA Seasonal Adjustment Program is used for smoothing seasonally adjusted estimates to estimate the underlying trend cycle.

Glossary

Compulsory liquidation

A compulsory liquidation takes place when the affairs of a company or close corporation are wound up by order of the court.

Insolvency Insolvency refers to an individual or partnership which is unable to pay its debt and is

placed under final sequestration. The number of insolvencies does not refer to the number of persons involved, as a partnership which is unable to pay its debt is regarded as one insolvency, irrespective of the number of partners.

Liquidation Liquidation refers to the winding-up of the affairs of a company or close corporation

when liabilities exceed assets and it can be resolved by voluntary action or by an order of the court.

Voluntary liquidation

A voluntary liquidation takes place when a company or close corporation, by own choice, resolves to wind-up its affairs.

https://www.google.co.za/url?sa=t&rct=j&q=&esrc=s&source=web&cd=5&cad=rja&uact=8&ved=0CDMQFjAE&url=http%3A%2F%2Fwww.cipc.co.za%2F&ei=xDjSU9nhN6qu7AbwpoHgDA&usg=AFQjCNGju8vvRvJL5Qhpe_nRW5SgQL94-g&bvm=bv.71778758,bs.1,d.bGQ

http://www.statssa.gov.za/publications/P0043/Seasonal_adjustment_P0043_March_2017.pdf



10

General information

Stats SA publishes approximately 300 different statistical releases each year. It is not economically viable to produce them in more than one of South Africa's eleven official languages. Since the releases are used extensively, not only locally but also by international economic and social-scientific communities, Stats SA releases are published in English only. Stats SA has copyright on this publication. Users may apply the information as they wish, provided that they acknowledge Stats SA as the source of the basic data wherever they process, apply, utilise, publish or distribute the data; and also that they specify that the relevant application and analysis (where applicable) result from their own processing of the data. Stats SA products A complete set of Stats SA publications is available at the Stats SA library and the following libraries: National Library of South Africa, Pretoria Division National Library of South Africa, Cape Town Division Natal Society Library, Pietermaritzburg Library of Parliament, Cape Town Bloemfontein Public Library Johannesburg Public Library Eastern Cape Library Services, King William’s Town Central Regional Library, Polokwane Central Reference Library, Mbombela Central Reference Collection, Kimberley Central Reference Library, Mmabatho Stats SA also provides a subscription service. Electronic services A large range of data is available via online services. For more detail about our electronic services, contact Stats SA’s user information service at (012) 310 8600. You can visit us on the Internet at: www.statssa.gov.za General enquiries User information services Telephone number: (012) 310 8600

Email address: [email protected] Postal address Private Bag X44, Pretoria, 0001

Produced by Stats SA

Technical enquiries JP Terblanche Telephone number: (012) 310 2965

Email: [email protected] Sinethemba Mhlongo Telephone number: (012) 310 3382

Email: [email protected]

Entity Number Entity Name Entity ClassDate placed in

Liquidation/Receivership

Liquidator / Receiver Name Status

Office: (28)

Type: Local Company (28)

Entity category: (2)

1472 AMALILA LIMITED 4/17/2015 Liquidated

119690005443 ZED INTERNATIONAL LIMITED 12/31/2015 Liquidated

Entity category: Limited by Guarantee (2)

120070069617 EASTERN PROVINCE FARMERS CO-OPERATIVES LIMITED 11/15/2016 ERIC MASUMBU Snr; Liquidated

120120105127 CHRISTIAN BLIND MISSION ZAMBIA LIMITED 8/26/2016 SHUKO NDHLOVU; Liquidated

Entity category: Limited by Shares (23)

120080071980 NOUR INVESTMENTS LIMITED 1/19/2017 MARTIN MUBANGA; Liquidated

120120104887 CFP TYRES ZAMBIA LIMITED 3/20/2017 KBF AND PARTNERS; Liquidated

119910022655 POST NEWSPAPERS LIMITED 11/3/2016 LEWIS CHISANGA MOSHO; Liquidated

120070070205 GENESIS FINANCE LIMITED Other Financial Institution 9/19/2016 PATRICK ZULU; Liquidated

120030051766 OPTIMA BUSINESS CONSULTANTS LIMITED 11/2/2015 LEWIS MOSHO; Liquidated

120040055582 PLATINUM GOLD EQUITY LIMITED 11/2/2015 LEWIS MOSHO; Liquidated

120140120536 SUPERRICH ENERGIES LIMITED 2/24/2017 CHENGE CHIBANDA; Liquidated

5179 GOLDEN EAGLE MOTORS LIMITED Normal Company 6/23/2017 MAPANGE NSAPATO; Liquidated

119930030344 MACMILLAN PUBLISHERS (ZAMBIA) LIMITED - LIQUIDATION 1/11/2013 Liquidated

120040055657 CONTINENTAL OIL COMPANY LIMITED 11/19/2015 ANDREW NDANGA KAMANGA; Liquidated

120120107665 PAYSERV ZAMBIA LIMITED 7/17/2017 SHUKO NDHLOVU; Liquidated

PACRA List Of Entities in Receivership and Liquidation

Printed on: 11/6/2017 3:22:52 PM

From: 11/1/2012 11/6/2017To:

Date Range

Office: - All - Category: - All -

Type of Entity: - All - Entity Class: - All -

Status: Liquidation Receiver Name/Liquidator Name (NRC/Passport):

Page 1 of 2

APPENDIX C




119950033908 YANGTS JIANG ENTERPRISES LIMITED 10/26/2017 Luwita SAYILA; Liquidated

119630002500 ZAMBIA LEAF TOBACCO COMPANY LIMITED 4/15/2016 NASIR ALI; Liquidated

120030052740 BRIDGEWAY COMMODITIES LIMITED 12/1/2016 ELIJAH CHOLA BANDA; Liquidated

120120101298 INCLEDON ZAMBIA LIMITED 10/26/2016 SHUKO NDHLOVU; Liquidated

120030052244 BISONITE ZAMBIA LIMITED Normal Company 12/7/2016 CHINTU MULENDEMA; Liquidated

120010048048 COMMERCIAL LEASING ZAMBIA LIMITED 9/19/2016 PATRICK ZULU; Liquidated

119650003666 ROBERT HUDSON (ZAMBIA) LIMITED (IN LIQUIDATION) Normal Company 7/29/2013 Liquidated

120060062435 BRIGHT HORIZON LIMITED 12/30/2016 ARTHUR NELSON NDHLOVU; Liquidated

120070065396 KITWE DEVELOPMENT LIMITED 11/2/2015 LEWIS MOSHO; Liquidated

119960036459 SPENCON POLYPHASE ZAMBIA LIMITED 9/15/2017 NASIR ALI; Liquidated

120100088406 LION RESOURCES LIMITED 9/1/2017 Liquidated

120070065121 ON SITE ACCESS LIMITED 11/29/2016 ROBERT KABWE; Liquidated

Entity category: Public (1)

120020049850 CETZAM FINANCIAL SERVICES PLC Other Financial Institution 9/19/2016 MAIBIBA MULALA; Liquidated

Page 2 of 2




Office: (27)



120140124503 U - FUEL ZAMBIA LIMITED Normal Company 9/8/2017 CHARLES SIAMUTWA; Receivership

120090079267 MATONJENI MARKETING LIMITED 4/20/2016 CHRISTOPHER MULENGA; EDGAR HAMUWELE; Receivership

120070066113 STAR ENERGY LIMITED 1/14/2016 Fraser CHISHIMBA; Receivership

120090076801 KAPIRI GLASS MANUFACTURING (2008) COMPANY LIMITED Normal Company 7/26/2017 SUNGANI CISANZO MWALE; Receivership

119910022655 POST NEWSPAPERS LIMITED 11/4/2016 LEWIS CHISANGA MOSHO; Receivership

120070068088 ZAMBEZI SAW MILLS LIMITED(DONT CHANGE-C.MAPANI) 2/16/2015 Receivership

120030052709 MATULA INVESTMENTS LIMITED 4/6/2016 ABLE TEMBO; Receivership

120100084884 BERDALE INERNATIONAL ZAMBIA LIMITED (IN RECEIVERSHIP) 11/18/2014 Receivership

120000044585 COURTYARD HOTEL LIMITED 2/19/2014 Receivership

119870015928 KEREN MOTORS LIMITED Normal Company 10/9/2017 CLEMENT MUGALA; Receivership

120030053139 AFRO BEEF LIMITED 1/16/2015 Receivership

120030051965 CAPELLARO INVESTMENTS LIMITED Normal Company 7/22/2016 AGNESS MKALIMO NGOMA; Receivership

120040055657 CONTINENTAL OIL COMPANY LIMITED 2/1/2016 ANDREW NDANGA KAMANGA; Receivership

120110097595 CATHODEX ZAMBIA LIMITED 10/11/2016 Receivership

119670004289 ZAROLD LIMITED 2/24/2014 Receivership

120030053516 CHIDHURI LIMITED 1/16/2015 Receivership

119950033908 YANGTS JIANG ENTERPRISES LIMITED 10/14/2015 Luwita SAYILA; Receivership


Printed on: 11/6/2017 3:23:09 PM

From: 11/1/2012 11/6/2017To:

Date Range



Status: Receivership Receiver Name/Liquidator Name (NRC/Passport):

Page 1 of 2




120040057291 SHABULILA INVESTMENTS LIMITED 1/16/2015 Receivership

120100084710 MERKABA PROPERTY DEVELOPMENTS (ZAMBIA) LIMITED 2/8/2016 NASIR ALI; Receivership

119930028413 ARMCOR SECURITY COMPANY LIMITED (IN RECEIVERSHIP) 11/26/2014 Receivership

120030053072 EASTPAC ZAMBIA LIMITED 1/16/2015 Receivership

120120106970 MWALA CRUSHING LIMITED Normal Company 2/23/2017 GODSAVE TENDAYI NHEKEDE; MOSES SIMBEYE; Receivership

120030053167 CHIEF ZAMBIA INTERNATIONAL LIMITED 1/16/2015 Receivership

120040057139 AFRICA MEDIA PORTAL (ZAMBIA) LIMITED 1/16/2015 Receivership

119750008033 CENTURY PACKAGES LIMITED 12/24/2014 Receivership

120080070748 AUPIE MILLING LIMITED 4/7/2016 MWENYA ANDREW MUKUPA; Receivership


120010000002 DUMMY COMPANY TESTING INVESTMENTS LIMITED Other Financial Institution 8/9/2013 Receivership

Page 2 of 2




Office: (48)

Type: Business Name (7)

Entity category: (4)

320110174287 BRISCOT TRADING 12/29/2016 Administrated

320080141664 TALWAR ASSOCIATES-CERTIFIED & CHARTERED ACCOUNTANTS 12/29/2016 Administrated

319580002529 MUSA DUDHIA & COMPANY 2/15/2017 Administrated

320090151066 KATEPA ENTERPRISES 2/15/2017 Administrated

Entity category: By Individual / Firm (3)

320130206343 ISAAC & PARTNERS 12/29/2016 Administrated

320130216902 FAHOBLE BUSINESS CENTRE 2/15/2017 Administrated

320090157414 TALWAR ASSOCIATES - CERTIFIED CHARTERED ACCOUNTANTS 12/29/2016 Administrated


Entity category: Limited by Guarantee (3)

120120100306 OMEGA FIRE MINISTRIES ZAMBIA LIMITED 7/31/2017 Administrated

120150132243 SHALOM YOUTH PROJECT LIMITED 9/21/2016 Administrated

120090079596 CHEJEZHI AFRICA ZAMBIA LIMITED Normal Company 8/11/2017 Administrated


120020050924 FANYATE MILLING LIMITED Normal Company 2/12/2016 Administrated

120010048015 MUSHINGASHI LIMITED Normal Company 8/23/2016 Administrated

120080070444 SW & GVA MINING COMPANY LIMITED Normal Company 7/7/2017 Administrated


Printed on: 11/6/2017 3:23:42 PM

From: 11/1/2012 11/6/2017To:

Date Range



Status: Administration Receiver Name/Liquidator Name (NRC/Passport):

Page 1 of 3




120130109354 IDAMAH INVESTMENTS LIMITED Normal Company 9/12/2016 Administrated

120030051766 OPTIMA BUSINESS CONSULTANTS LIMITED 11/19/2015 Administrated

119900020508 MELAI LIMITED Normal Company 7/21/2017 Administrated

120040055582 PLATINUM GOLD EQUITY LIMITED 11/19/2015 Administrated

120010047211 LIBIAN AFRICAN INVESTMENT COMPANY ZAMBIA LIMITED Normal Company 3/28/2017 Administrated

119890019637 MUSARIRI BUS SERVICES LIMITED Normal Company 3/15/2017 Administrated

120040083250 ZAMBOR JV LIMITED 12/29/2016 Administrated

120130111108 CONFECTIONERY MAKERS LIMITED 6/15/2016 Administrated

120140119095 PES ENTERPRISES (ZAMBIA) LIMITED 1/9/2017 Administrated

120040056471 SOUTH-EAST GEMSTONES MINING LIMITED 2/6/2017 Administrated

119970038561 ELMAR ENGINEERING LIMITED Normal Company 3/2/2017 Administrated

120120108136 ZAMCON PLANT AND CIVILS LIMITED 2/9/2017 Administrated

120110097595 CATHODEX ZAMBIA LIMITED 4/14/2016 Administrated

119970039007 MAJOR INSURANCE BROKERS LIMITED Normal Company 3/21/2017 Administrated

120070068768 KAPOCHE GUEST HOUSE LIMITED Normal Company 6/9/2016 Administrated

120120104733 ZAMHIND FARMS AGRICULTURE SUPPLIES LIMITED Normal Company 3/10/2017 Administrated

119860014586 UNITED CHEMOLIDE INDUSTRIES (ZAMBIA) LIMITED Normal Company 9/12/2017 Administrated

119910024781 KAPANGA MINES LIMITED 4/27/2016 Administrated

119970038422 CHINIKA MEDICAL CENTRE LIMITED 3/17/2017 Administrated

120120101805 GOLF CONSULTANCY & TOURISM LIMITED Normal Company 2/15/2016 Administrated

120150133550 TAMEX ENTERPRISES LIMITED Normal Company 5/4/2017 Administrated

119960036075 AMADEUS INTERNATIONAL LIMITED Normal Company 12/30/2016 Administrated

120150130054 SONI BOREHOLES ZAMBIA LIMITED Normal Company 10/21/2016 Administrated

120110092442 GEODERICK PROJECTS MINING LIMITED Normal Company 12/29/2016 Administrated

119870016329 MITONDO MINING COMPANY LIMITED Normal Company 4/27/2016 Administrated

120130117552 WYNN RESOURCES LIMITED Normal Company 7/20/2017 Administrated

120070065396 KITWE DEVELOPMENT LIMITED 11/19/2015 Administrated

Page 2 of 3




120070066946 NYENYEZI INSTITUTE LIMITED 3/29/2017 Administrated

120110098107 BUTEMWE FARMING ENTERPRISE AND AGRIC SUPPLIERS LIMITED 9/6/2016 Administrated

119950034599 WILDLAND COMPANY LIMITED Normal Company 12/19/2016 Administrated

120080071649 ULTIMATE TRAVEL AGENCY LIMITED 2/14/2017 Administrated

120130109565 NAMZA INVESTMENTS LIMITED Normal Company 8/29/2017 Administrated

120120102164 LUAPULA HYDRO POWER CORPORATION LIMITED 9/4/2017 Administrated

120000044804 COLLUM COAL MINING INDUSTRIES LIMITED Normal Company 10/6/2017 Administrated


120000044962 CITY OF LUSAKA FOOTBALL CLUB 2000 PLC 10/3/2017 Administrated

Office: Head Office (2)



120150134955 LUSAKA TELECOM SOLUTIONS LIMITED Normal Company 12/9/2016 Administrated

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120160007188 RAYN MINING LIMITED Normal Company 1/13/2017 Administrated

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Date post:	11-Mar-2018
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