Abstract/Summary

This paper contributes to the normative case for inclusion in corporate rescue, the future orientation of rescue procedures and showcases the role that African countries could and arguably ought to play in the development of viable rescue systems. To this end, it examines procedures used to rescue troubled companies. Deploying both comparative and normative lenses, the paper questions whether those common law African countries, such as Uganda, Ghana, and Nigeria, that have recently modified their rescue systems ought, as a matter of principle, to have followed the UK decision to restrict receivership in favour of administration. Emphasising the inexorable case for inclusion, it advocates the consideration and adoption of a modified ‘non-exclusive model of receivership’ that finds its roots in Ghana and Nigeria for those countries looking to retain the receivership procedure. It argues for a governance-oriented perspective of rescue which should orient the future development of rescue systems in all the common law countries considered.