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The repealed Commercial Code Proclamation No. 166/1960 had comprised of six books which covered: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
– 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The new Commercial Code has repealed Articles under Parts I, II and V of the Commercial Code Proclamation No. 166/1960.
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