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Restructuring and insolvency law plays a key role in the financial and commercial landscape of Banjul, Gambia. These laws provide the framework for dealing with businesses or individuals who are experiencing financial distress or are unable to meet their financial obligations. The aim of restructuring is to help a debtor reorganize their business and finances to avoid insolvency wherever possible, while insolvency proceedings help to manage the affairs of insolvent entities in a fair and orderly way. Gambia's legal system is influenced by both English common law and local statutes, which guide how restructuring and insolvency matters are approached and resolved.
There are various situations where you may require legal assistance relating to restructuring and insolvency. Common examples include:
A lawyer can explain your options, help you navigate local legislation, represent your interests in court or negotiations, and ensure that all legal procedures are properly followed.
The Gambia’s approach to restructuring and insolvency is shaped by several pieces of legislation, including the Companies Act, the Insolvency Act, and provisions within the Bankruptcy Act. Notably:
Given that the laws can be complex and require strict adherence to procedures and timelines, seeking specialized legal assistance is recommended.
Restructuring refers to measures taken to reorganize a business’s structure or debts to avoid insolvency. Insolvency is the state of being unable to pay debts as they fall due, often resulting in liquidation or bankruptcy proceedings.
The typical insolvency proceedings are liquidation (winding up of a business), receivership (appointment of a receiver to manage assets for creditors), and schemes of arrangement (negotiated settlements with creditors).
Yes, insolvency laws in Gambia cover both companies and individuals. Individuals may be subject to bankruptcy proceedings if they are unable to satisfy personal debts.
In voluntary liquidation, the company’s directors or shareholders decide to wind up the business due to insolvency or other reasons. The process involves appointing a liquidator to realize the company’s assets and pay creditors.
A liquidator is responsible for collecting assets, settling debts, and distributing any remaining funds in accordance with the priority set out by law. The liquidator acts in the interests of creditors and sometimes shareholders.
Creditors have the right to be notified of insolvency proceedings, submit claims, attend creditor meetings, and receive distributions from the insolvent estate, depending on the legal ranking of their debts.
Directors may be held personally liable where laws regarding wrongful or fraudulent trading are breached or where they fail to act in the company’s best interests during financial distress.
The duration varies based on case complexity, the nature and extent of assets, number of creditors, and court or administrative processes. Some cases resolve in months, while others may take years.
Yes, many insolvency situations are resolved through negotiation, debt restructuring, or settlement agreements with creditors without resorting to formal court proceedings.
Insolvency petitions and related applications are typically filed at the High Courts in Banjul, which have jurisdiction over such matters in The Gambia.
If you are seeking more information or direct assistance, consider contacting the following organizations:
These bodies can provide guidance, official forms, and refer you to professionals with experience in restructuring and insolvency law.
If you or your business are facing financial difficulties or require advice on restructuring or insolvency in Banjul, Gambia, consider the following steps:
The sooner you seek advice, the more options you may have to resolve your financial situation positively. A qualified restructuring and insolvency lawyer based in Banjul can guide you each step of the way, help safeguard your interests, and ensure all legal requirements are met.
