The Ethiopian Law Of Bankruptcy Its Shortcomings In Comparison To Modern Laws Of Bankruptcy And Areas Of Concern For Its Revision

The Ethiopian law of bankruptcy is said to be outdated and needs revi sion. This paper comparesrnthe Ethiopian bankruptcy law with modern laws of bankruptcy of four se lected countries andrninternational guidelines/principles for the same. The laws are the US and France bankruptcy lawsrnfrom the debtor-friendly bankruptcy laws and the German and British bankruptcy laws from therncreditor-friendly bankruptcy laws. The international guide lines are the World Bank Principlesrnand Guidelines for Effective Inso lvency and Creditor Rights Systems and the Un ited NationsrnCommission on International Trade Law, Legislative Guide on Insolvency Law. The researchrnreveals that some of the provisions of the Ethiopian law of bankruptcy are not compatible withrnthe modern laws and principles while some are to some extent compatible. Although it isrndifficult to say that the Ethiopian bankruptcy law is totally backward, the law needs revision tornbe among the modern ones and current

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