The Corporate Insolvency Act No. 9 of 2017 (“the Act”) is Zambia’s first stand-alone insolvency legislation. It establishes a regulatory scheme for insolvency practitioners who are required to be licensed by the Patents and Companies Registration Agency (PACRA). The Act provides for various insolvency procedures, such as administration, receivership, liquidation, and schemes of arrangement.
It is “An Act to provide for corporate receiverships, appointment of receivers and the duties and responsibilities of receivers; business rescue, appointment, duties and responsibilities of business rescue administrators, rights of affected persons during business rescue proceedings and business rescue plans; schemes of arrangements or compromise…
