In 2017, Liberia has carried out a comprehensive reform of its legal framework for resolving insolvencies. The new Insolvency and Restucturing Act lays down a stable and transparent framework which intended to inspire confidence among investors and decrease the cost of obtaining capital for entrepreuners. The procedures laid down in the act are fair and efficient and intended to provide certainty in the market place. The procedures are also intended to maximize the value of the assets of the debtor to benefit all involved parties. Finally the procedures also strives to provide for an equitable distribution of the debtors assets to creditors, in accordance with the priorities laid down in the Insolvency and Restructuring Act. The Act provides for all procedures necessary to handle an insolvency cases such as assignment and hearing of the case, duties and powers of the administrator, rights and powers of the creditors, treatment of secured claims, procedure for liquidation etc.
Laws, Regulations and Guidelines
You can find the Insolvency and Restructuring Act here.