Uniform act on insolvency proceedings

The uniform act on insolvency proceedings (AUPC) deals with businesses in financial difficulty, whether traders, private legal entities or independent professionals. In force since 24 December 2015, it replaced the 1998 text. It provides early warning tools such as confidential conciliation and preventive settlement, followed by court-supervised judicial reorganisation and liquidation. The revision introduced simplified procedures for small businesses, strengthened the status of court-appointed administrators and added rules on cross-border insolvency. The act also sets the ranking of creditors and penalties for directors at fault. It matters to investors and lenders assessing the risk of a partner defaulting in Gabon.