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Restructure Commercial Code-Cllr. Barbu

By Richmond Paye
 Liberia Constitutional Law Reform Commission  Chairperson,  
Cllr. Jallah Barbu
Liberia Constitutional Law Reform Commission Chairperson, Cllr. Jallah Barbu

(mylbsonline.com/Liberia/Oct.26/2013) Law Reform Commission (LRC) Chairman, Cllr. Jallah Barbu, says the restructuring of the Liberian Commercial Code is significant to stabilizing the country’s economy.

Cllr. Barbu said: “The Code will help address factors affecting both small and large businesses in Liberia.”

According to him, the decline in businesses, low employment and investments, and deep crisis between debtors and local commercial banks are some key factors affecting the business sector.

Cllr. Barbu, however, attributed the situation to the repealing of the Bankruptcy Law to give room for the Commercial Code.

“A well-structured Commercial Code, if implemented, will address factors affecting the business sector of the country.” Chairman Barbu added.

The Law Reform Commission Chairman made the statement recently at a public discussion on the review of the draft Insolvency and Restructuring Bill held at the University of Liberia.

The Bill seeks to repeal Chapter 8 of the Liberian Commercial Code and title 7 of the Liberian Code of Law-revised to be replaced with a new structured version of Chapter 8 of the Liberian Commercial Code.

Margibi County Representative, Ben Fofana, is the key sponsor of the Insolvency and Restructuring Bill.

 


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