Licensing Insolvency Practitioners in Zambia: Aligning with International Best Practices

Abstract

A well-regulated insolvency regime is crucial for fostering economic activity. This article examines a recent development in Zambia’s insolvency framework – the introduction of licensing requirements for insolvency practitioners by the Patents and Companies Registration Agency (PACRA) under the Corporate Insolvency Act No. 9 of 2017. We analyse how this aligns with international best practices in insolvency regulation, where jurisdictions like the UK, South Africa, and Kenya have similar licensing regimes to ensure practitioners competence and ethical conduct.The article further explores the potential for strengthening the Zambian system by considering the experience requirement for accreditation observed in other countries. We discuss the potential benefits of such a requirement, such as improved service quality and a more specialized pool of insolvency professionals. By examining Zambia’s recent licensing initiative and exploring the possibility of an experience requirement, this article contributes to the ongoing discussion on how to create effective and efficient insolvency regimes.