A special meeting of the OHADA Committee of Experts took place on the 3rd, 4th, and 5th of August 2015 in Abidjan (Republic of Côte d'Ivoire). The meeting, financed by the Investment Climate Facility for Africa (ICF), was specially convened by the Permanent Secretariat of OHADA, in order to consider the draft revised Uniform Act organizing collective proceedings for wiping-off debts.

The opening ceremony, marked by three speeches, was chaired by Mr. Jean Fructueux BAKOU, representing His Excellency Mamadou Coulibaly GNÉNÉMA, Keeper of the Seals, Minister of Justice, Human Rights and Civil Liberties of the Republic of Côte d'Ivoire, and Chairperson of the OHADA Council of Ministers.

In his welcome remarks, Mr. Yapi Eloi AKO, Chairperson of the OHADA National Commission of Côte d'Ivoire wished an Akwaba to the delegations present and wished that the revision process of the Uniform Act on Collective proceedings for the wiping-off debts complete during his country's tenure as Chair of the Council of Ministers.

In his opening address, Professor Dorothé C. SOSSA, Permanent Secretary of OHADA, welcomed the sustained attention and the exceptional support of H.E. Mamadou Coulibaly GNÉNÉMA to the actions of OHADA. He recalled the history of the revision process of the Uniform Act on collective proceedings as well as the main weaknesses of the current U.A, namely:

• Lack of a modern preventive conciliation procedure to promote private negotiations and extrajudicial agreements between debtors and creditors so as to safeguard companies facing difficulties and improve the recovery rate of debts;
• Bankruptcy proceedings lasting too long;
• Quite cumbersome procedures for micro-entrepreneurs;
• Lack of regulations regarding judicial representatives (preventive settlement experts and bankruptcy administrators);
• Lack of an adequate regime for international bankruptcies initiated out of the OHADA space;
• Lack of clarity in the ranking of creditors.

The Permanent Secretary noted that the draft revised U.A. seeks to correct the above gaps in a bid to guarantee an appropriate protection and control of the various actors as well as a greater efficiency of collective proceedings in terms of safeguarding viable companies and ensuring a speedier liquidation of insolvent ones.

In his opening speech, the Representative of the Chairperson of the OHADA Council of Ministers welcomed all the delegations and personalities present. He particularly acknowledged the presence of Professor Filiga Michel SAWADOGO, Minister of Secondary and Higher Education of Burkina Faso who, despite his very busy schedule, still found time to contribute to the works of the meetings.

The Representative of the Chairperson of the Council of Ministers noted that the revision of the U.A. on collective proceedings had become urgent and necessary considering the poor performance of the OHADA law on insolvency. He added that the works of the Committee of Experts should set the epilogue of a process whose rapid end is highly awaited by economic operators. Before wishing the Committee a successful meeting, The Representative of the Chairperson of the Council of Ministers, On behalf of Member States, thanked the Experts who drafted the Project as well as the Technical and Financial Partners who supported the process.

There was a break after the three speeches and the works resumed thereafter with the putting in place of the bureau and the examination of the draft revised U.A . with the assistance of Professors Philippe ROUSSEL-GALLE and Filiga Michel SAWADOGO, both drafters of the project who were invited for the occasion .

A general presentation of the draft U.A. was made. From this presentation, it was noted that without putting into question the basics or upsetting the numbering of the current text, the revised U.A. meets the need to align the rules governing the OHADA collective proceedings on best international judicial practices, namely:

• Rehabilitation of viable companies and quick liquidation of nonviable ones;
• Maximization of recoveries by creditors on the basis of the value of assets of the debtor company;
• Establishment of a clear ranking for payments.

Several technical and formal changes were proposed that seek to ensure better readability of the text and enhance the security of actors.

Before a detailed examination of the text, the Committee of Experts ruled on the appropriateness of the conciliation procedure and the establishment of a National Commission for the Control of Judicial Representatives. It recommended that:

• The conciliation procedure be maintained;
• The organization and functioning of the National Commission for the Control of Judicial Representatives be governed by domestic laws.

The revised U.A was thereafter scrutinized article by article in the light of Opinion No. 001 issued by the CCJA on 17 June 2015. Following this exercise, the Committee of Experts amended the project and made recommendations to be considered in view of the forthcoming adoption of the revised Uniform Act on Collective Proceedings for the Wiping Off Debts.

It should be recalled that the special meeting of the Expert Committee came after that of the OHADA National Commissions on the draft U.A. on collective proceedings as revised on 30 and 31 March 2015. More importantly, the Experts meeting prefigures that of the Council of Ministers, which is the legislative body of OHADA and that will hold its 40th session on 10 and 11 September 2015 in Grand Bassam (Côte d'Ivoire). During this meeting, the ministers will revise the project for a possible adoption.

The Permanent Secretary,
Prof. C. Dorothé SOSSA