Insolvency Law at Gabon
Gabon’s insolvency framework is primarily governed by the OHADA (Organisation pour l'Harmonisation en Afrique du Droit des Affaires) Uniform Act on Insolvency, which provides a unified legal structure for bankruptcy and restructuring across 17 African member states, including Gabon.
🇬🇦 Gabon’s Insolvency Framework
1. Legal Basis:
Gabon adheres to the OHADA Uniform Act on Insolvency, specifically Articles 234–239, which outline procedures for both judicial liquidation and preventive settlement. (2024 Investment Climate Statements: Gabon - State Department)
2. Key Features:
Preventive Settlement: Allows distressed companies to negotiate with creditors to avoid liquidation.
Judicial Liquidation: Involves the court overseeing the sale of assets to repay creditors.
Creditor Participation: Creditors have a role in proceedings, including voting on reorganization plans.
Asset Protection: Certain assets may be protected during proceedings to facilitate business continuity.
3. Recent Reforms:
In 2017, Gabon introduced a new conciliation procedure and simplified preventive settlement mechanisms to enhance the efficiency of resolving insolvency. (Resolving Insolvency Reforms - Doing Business - World Bank Group)
⚖️ Legal Process Overview
Commencement: Insolvency proceedings can be initiated by the debtor or creditors.
Court Oversight: The Commercial Court supervises insolvency cases.
Trustee Appointment: A judicial administrator or trustee may be appointed to manage the process.
Creditor Claims: Creditors must submit claims within specified timelines.
Distribution: Assets are distributed based on the priority of claims. (The 10 best Bankruptcy Lawyers in Gabon (2025) - Lawzana)
📊 Key Indicators
Reorganization Proceedings Index: 0.5/3
Creditor Participation Index: 1.0/4
Post-Commencement Credit: Allowed and prioritized over pre-commencement credit. ([PDF] Economy Profile GABON)
🧭 Practical Considerations
Duration: Insolvency proceedings can vary in length, depending on complexity.
Cost: Legal and administrative costs are incurred during the process.
Impact: Proceedings can affect business operations and reputation.
Legal Assistance: Engaging experienced legal counsel is advisable.
RELATED Blog
0 comments