Regulatory Alerts2009-01-01
Bankruptcy Act 2009
Enacted by the President and Parliament of Sierra Leone, this legislation establishes a comprehensive legal framework for declaring individuals and firms bankrupt when they cannot pay specified debts. It defines specific acts of bankruptcy, sets minimum debt thresholds for creditor petitions, and outlines the procedures for obtaining receiving orders, appointing trustees, and administering or realising the debtor’s property. The Act further governs the distribution of dividends to creditors, establishes court oversight and trustee powers, and imposes disqualifications and criminal penalties for fraudulent or non-compliant bankrupts.
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