Welcome to the fifth edition of the Insolvency and Business Restructuring Guide for Africa. As head of the Insolvency, Business Rescue and Restructuring practice group at Werksmans, it is a pleasure to bring you this publication which is published in collaboration with all of our LEX Africa member firms in over 28 jurisdictions across the continent. The purpose of the guide is to share pertinent data and information with all of you, which will provide you with a better understanding of each of the relevant jurisdictions’ approach to insolvency and restructuring matters. We hope this guide, which is unique in both its content and reach, will be used to your benefit in the years to come.
Africa is well endowed with mineral resources. It harbours the world’s largest mineral reserves of platinum, gold, diamonds, chromite, manganese, and vanadium. Mining in Africa is an integral and important part of the continent’s economy. Many mining projects suffer extreme risks and difficult decisions and sound mining law is integral for an investment decision. The purpose of the publication is to gain a better understanding of what makes up the various laws in each African jurisdiction. The basic essence of mining law in most African countries is similar, being a state licencing system, but each country has its own local laws, customs, practices and guidelines.
Increased globalisation and international trade have resulted in the increasingly common situation where a party succeeds in obtaining a judgment in one country but is compelled to enforce it in another country where the defendant’s assets are located. Africa is a good example of the latter – day scramble for its assets and investment opportunities has left in its wake the inevitable commercial disputes that follow.