There has always been an urgent need for a modern system to deal with cases of insolvency and related situations by the OHADA member states. The Uniform Act has therefore been designed to remedy the situation relating to international collective proceedings taking place in several member states simultaneously. In this regard we can say that the Uniform act has laid down procedures that are more suited to the modern business environment by providing three different types of collective proceedings for the clearing of debts for both companies and individuals namely:
- Preventive settlement (reglement preventif)
- Administration (redressement judiciaire)
- Liquidation (liquidation judiciaire)
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