Insolvency, Recoveries and Restructuring

At Oaks Legal, our team of Insolvency lawyers provide simple and practical solutions to complex Insolvency matters our clients face, including Restructuring and Recoveries.

Insolvency is a key risk which needs to be identified early and effectively managed. The restructuring of companies is on the rise globally and is now more relevant than ever with the business disruption that COVID-19 has brought to all sectors.

Prevention is better than cure and we have a team of specialist lawyers who are experienced at advising financial institutions, companies, liquidators, administrators, receivers on both contentious and non-contentious restructurings, cross border insolvencies, formal insolvency proceedings, out of court settlements, CVA’s and M&A’s.

We also advise and represent individuals, companies and institutional clients on debt recovery strategies and actions.

We focus on providing effective legal services and strategic advice, enabling our clients to understand and appreciate the limitations, scope and capability of the various insolvency and restructuring mechanisms in Ghana.

New Law Passed in Ghana – Alternatives to Insolvency

With the economic impact of Covid-19 and an urgent need to protect businesses, Ghana’s Corporate Restructuring and Insolvency Act 2020 (Act 1015) which was passed in May, came at a crucial time.

The new Act gives all companies registered in Ghana alternative alternatives to insolvency with the option to restructure, go into receivership or seek administration. Up until this point, these options had only been available to banking and insurance companies.

The Act gives key provisions and improvements to foster a business rescue culture in Ghana.

Insolvency proceedings are inherently complex and especially when there is an international aspect where there are multiple jurisdictions involved, however, introduced within the Act are cross border insolvency provisions aimed at bringing some stability by allowing co-operation with foreign courts and practitioners on insolvency matters.

We can provide expert advice to a broad range of creditors, companies and individuals in difficult financial situations to help them work out a practical solution, including the potential restructuring and recovery options that are available.

We combine our restructuring and insolvency expertise with a strong understanding of a broad range of sectors such as technology, communications, e-commerce, financial services, real estate, media, sport, aviation and energy.