The Ethiopian Law of Bankruptcy: Its Shortcomings in Comparison to Modern Laws of Bankruptcy and Areas of Concern for Its Revision
No Thumbnail Available
Date
2011-10
Authors
Journal Title
Journal ISSN
Volume Title
Publisher
Addis Ababa University
Abstract
The Ethiopian law of bankruptcy is said to be outdated and needs revi sion. This paper compares
the Ethiopian bankruptcy law with modern laws of bankruptcy of four se lected countries and
international guidelines/principles for the same. The laws are the US and France bankruptcy laws
from the debtor-friendly bankruptcy laws and the German and British bankruptcy laws from the
creditor-friendly bankruptcy laws. The international guide lines are the World Bank Principles
and Guidelines for Effective Inso lvency and Creditor Rights Systems and the Un ited Nations
Commission on International Trade Law, Legislative Guide on Insolvency Law. The research
reveals that some of the provisions of the Ethiopian law of bankruptcy are not compatible with
the modern laws and principles while some are to some extent compatible. Although it is
difficult to say that the Ethiopian bankruptcy law is totally backward, the law needs revision to
be among the modern ones and current
Description
Keywords
Ethiopian Law of Bankruptcy