Revised commercial code of Ethiopia

Revised commercial code of Ethiopia

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Revised commercial code of Ethiopia

Ethiopia’s Parliament has approved a new Commercial Code, which replaces the 62-year-old Commercial Code that has governed business operations since 1960. This overhaul is a welcome move by Ethiopia as the new Commercial Code is expected to be aligned to the modern business structures and operations.

 The repealed Commercial Code Proclamation No. 166/1960 had comprised of six books which covered:

– Part I. Traders and Businesses

– Part II. Business Organizations

– Part III. Carriage and Insurance

– Part IV. Negotiable Instruments and Banking

Transactions

– Part V. Bankruptcy and Schemes of Arrangement

– Part VI. Transitory Provisions

The new Commercial Code has repealed Articles under Parts I, II and V of the Commercial Code Proclamation No. 166/1960.

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