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Protection Of The Rights Of Employees In Insolvency Law: A Zimbabwean Perspective
Full text linkInsolvency law in Zimbabwe has undergone a legal metamorphosis from the colonial period to post independence. The evolution of insolvency law in Zimbabwe has been largely driven by socio-economic and political forces. Suffice to underscore that before the enactment of the comprehensive Insolvency Act by the Parliament of Zimbabwe in 2018, legislation dealing with insolvency was scanty if not piecemeal. One ubiquitous gap that was characteristic of the old insolvency law was the absence of clear-cut legal provisions for the protection of employees as there was a deafening silence in the law. The lacuna that existed in the law is what prompted the legislature to come with a comprehensive Insolvency Act which plugs yawning gaps that were axiomatically evident in the old law. The cardinal importance of the legal protection of employees during crisis times like insolvency cannot be overemphasised because any raw deal for employees militates against the dictates of labour rights deeply rooted in social justice and equity in society. Thus the new insolvency legislation ring-fences employees by giving them some special priority consideration during times of insolvency, making this legislative intervention highly commendable
THE REGULATION AND PROTECTION OF STAKEHOLDER INTERESTS UNDER ZIMBABWE’S NEW CORPORATE RESCUE REGIME
Full text linkCorporate insolvency law has been the major debate internationally due to its impact on companies and other business entities. Zimbabwe recently introduced two new corporate rescue procedures and measures which seek to rescue companies which have fallen into financial distress. These measures are, corporate rescue and compromise with creditors, following the enactment of the Insolvency Act [Chapter 6:07]. This legislative intervention by way of corporate rescue gives a clear path for the corporate rescue practitioner to follow to save a corporate from financial ruin. The practitioner and those who are affected will be able to decide whether it is feasible to develop a strategy that well benefit the corporate entity and rescue it from financial doldrums. The paper compares the Zimbabwean Act with that of UK, Australia and South Africa. The Zimbabwean Insolvency Act has some interesting provisions similar to the business rescue provisions of South Africa which includes the regulation of insolvency practitioners, the rights of creditors, the position of employees and shareholders. One may argue that the Insolvency legislation provisions on corporate rescue are poised to be the leeway for an effective corporate insolvency regime in Zimbabwe. Undoubtedly, the reforms to the Insolvency Act of Zimbabwe have brought about far-reaching changes to corporate rescue laws in the country
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