The Act aims to guide how individuals and businesses navigate financial hardship, with an emphasis on early intervention and fair outcomes for all parties involved.

Officials say too many companies and individuals in distress are unaware of the procedures available to them, especially when facing the possibility of shutting down operations. The new push is intended to close that gap by encouraging people to seek professional guidance before it’s too late.

“This legislation isn’t just about winding up businesses, it’s about giving them a chance to recover,” said a Spokesperson from the Ministry. “It also ensures that the interests of creditors, employees and other stakeholders are taken into account in a balanced and transparent manner.”

The campaign involves public information sessions, stakeholder dialogues, and a media drive aimed at demystifying the legal framework. Authorities hope it will lead to a better-informed business community and reduce the number of unnecessary closures due to lack of knowledge.

--ChannelAfrica--