Africa-Press – Cape verde. The courts of Cape Verde are currently dealing with 14 cases of insolvency and corporate recovery, according to Luís Teixeira, coordinator of the Competitiveness Unit and advisor to the Prime Minister.
The coordinator was speaking to the press at the opening of the specialized training on international best practices in insolvency, which aims, above all, to train judges on the best international practices and equip them with the appropriate tools for the “fair and effective” application of the law.
Promoted by the Government, in partnership with the World Bank and the European Union, and organized by the Competitiveness Unit, the training is part of the cycle of reforms that “significantly contribute” to the dynamics of the business environment in the country.
The initiative follows the need to deepen knowledge of the legal regime of insolvency, on the best international practices and the tools necessary for making “fair and efficient” decisions.
For Luís Teixeira, the initiative is of “extreme importance”, since there are currently 14 cases of insolvency and corporate recovery in the country’s courts.
“At this time, it is essential to provide this training to our judges, because 2 or 3 years ago we had practically zero cases in our courts and now we have between 13 and 14 cases”, he indicated.
As he mentioned, insolvency cases are more concentrated in the cities of Praia and Mindelo, although there are also cases on the island of Sal, in Santa Catarina and in Fogo.
Therefore, this training, which includes the participation of judges from several municipalities in the country, is considered essential to ensure the full implementation of the law on insolvency and corporate recovery.
“This is a sign of life in terms of implementation of the law, but it is essential to provide this training to our judges so that cases can leave the courts”, he considered.
On the other hand, he assured that in this area Cape Verde has improved, despite the “great challenge” that is, in all countries, implementing the law on insolvency and corporate recovery.
In addition to the judges, representatives of the World Bank, which financed the European Union, and the Government are participating in the training.
The training, which brings together international experts, runs until Thursday, 26th.
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