A case for convergence of cross border insolvency legal framework in East Africa; experiance from Kenya and Tanzania.
Loading...
Date
2019
Authors
Journal Title
Journal ISSN
Volume Title
Publisher
University of Dar es Salaam
Abstract
This study examines the legal framework for cross border insolvency practice in East Africa based on the experiences of Kenya and Tanzania. The research is premised on the notion that economic integration of the EAC Partner States coupled with globalization has inevitably opened doors for increased cross border insolvencies in Kenya, Tanzania and the EAC at large. Consequently, the study hypothesized that coordinated and efficient cross border insolvency practice is not yet possible in East Africa given that in as much as the Community lacks uniform legal standards on cross border insolvency, majority of the Partner States like Kenya and Tanzania lack effective domestic legislation that governs cross border insolvency. Based on a review of existing literature and information collected from the-field, the research concluded that efficient cross border insolvency practice is not yet possible in Kenya and Tanzania. This is because Tanzania lacks express legislative framework providing for cross border insolvency while Kenya is yet to take steps to formulate regulations to implement the provisions on cross border insolvency contained in its Insolvency Act of 2015. At the regional level, the EAC lacks uniform standards for resolving cross border insolvency cases. The difficulty of cross boarder insolvencies in Kenya, Tanzania and the EAC is attributable to, among others, significant contrasts in the substantive and procedural legal framework followed by the EAC Partner States. Secondly, no measures have been taken to streamline or respond to issues of cross boarder insolvency both at national and.
Description
Available in print form, EAF collection, Dr. Wilbert Chagula Library, (THS EAF KQC 117.B477)
Keywords
Convergence, Border crossing, Bankruptcy, Law and Legislration, Africa, East, Kenya, Tanzania
Citation
Bett, Frankline (2019) A case for convergence of cross border insolvency legal framework in East Africa; experiance from Kenya and Tanzania.Masters dissertation, University of Dar es Salaam, Dar es Salaam.