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Mozambique is training judges to expedite insolvency and corporate recovery processes, in line with a World Bank suggestion to improve the country’s business environment.
Twenty-five prosecutors from civil and commercial courts received their first training last week, a government source announced yesterday.
The partnership between the government of Mozambique and the World Bank Group aims to help magistrates “make more accurate and expeditious enforcement” to reduce “associated time and costs”.
In 2013, Mozambique approved an insolvency and recovery law considered fundamental to the improvement of the business environment in the country by the World Bank. Mozambique ranks 65th worldwide and fifth in sub-Saharan Africa in the indicator related to insolvencies and recovery of the World Bank’s ‘Doing Business’ report.
The new legal provision introduced a process of judicial recovery and an extrajudicial recovery mechanism, as well as clarifying rules for the appointment and qualification of insolvency administrators and strengthening the rights of creditors.
The World Bank is partnering with the Mozambican government in the training of judges and prosecutors as insolvency administrators and in drafting the necessary legislation to complete the existing legal framework in the country.Source: Lusa