By Audrey Naa Dei KOTEY& Clara METTLE-NUNOO
In 2020, Ghana’s Parliament passed two significant pieces of legislation affecting the right of lenders, and borrowers both in and out of insolvency. The first was the Corporate Insolvency and Restructuring Act, 2020 (Act 1015).
The second was the Borrowers and Lenders Act, 2020 (Act 1052). While these two pieces of legislation barely make reference to each other, their mutual impact cannot be overlooked – especially within the context of an insolvency.
While the Borrowers and Lenders Act aims to guarantee payment or performance of an obligation towards an individual creditor or lender with a secured charge, the CIRA focuses on providing satisfaction to an entire creditor class…
