Evaluation of the Efficacy of the Corporate Insolvency and Restructuring Act 2020 (Act 1015) of Ghana
A Comparative Analysis with the Insolvency Legal Framework of the United Kingdom (Parts I & II)
Abstract
Before 2020, corporate insolvency in Ghana was governed by a liquidation-focused framework under the Bodies Corporate (Official Liquidations) Act 1963 (Act 180), which was criticized for its limited capacity to rescue distressed companies. The enactment of the Corporate Insolvency and Restructuring Act 2020 (Act 1015) (CIRA) marked a shift towards a rescue-oriented regime aligned with international best practices. This study evaluates CIRA’s effectiveness after its introduction through a comparative analysis with the United Kingdom. The article finds that, while CIRA represents significant progress, challenges remain in judicial specialization, procedural efficiency, and institutional capacity, necessitating targeted reforms to enhance corporate rescue outcomes.
Keywords: corporate insolvency; corporate rescue; restructuring agreement; administration; liquidation; moratorium; creditor rights; judicial oversight; cross-border insolvency; comparative insolvency law; insolvency framework; creditors; insolvency practitioners; courts.
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