Angola: Companies Recovery and Insolvency Law to Increase Investments

Luanda — The Minister of Justice and Human Rights, Francisco Queiroz, considered that the proposed law that approves the Legal Regime for the Recovery of Companies and Insolvency will have a major impact in attracting private investment for the country.

Speaking to the press last Saturday, at the end of the 1st extraordinary session of Ministers Council that analysed the document, Francisco Queiroz said that when it is approved by Parliament, the proposal will increase the competitiveness of the Angolan market in international level.

Without the Law, the Minister of Justice continued, investors were hesitant to invest in the Angolan market, fearing about the fate to be given to the company, in case of difficulties.

"This problem is overcome," said the minister, stressing that the country will be aligned with international practices in this segment, when the National Assembly approves the diploma.

For the government official, it is necessary to distinguish private companies from public capital companies in this process.

The official specified that in the framework of the diploma, which goes to Parliament for discussion and approval, public companies are not covered. "The diploma covers only private companies".

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