SYSTEM OF REGULATION OF SOUTH AFRICAN INSOLVENCY LAW: LESSONS FROM THE UNITED KINGDOM

Abstract

In order to assess the regulatory aspects of South African insolvency law it is necessary to examine the regulatory methodology of certain international jurisdictions in order to determine whether it is attainable, or even desirable, to bring about law reform in regard to the regulatory framework within South African insolvency law. South African insolvency legislation is deeply rooted in English law resulting in South African and English laws reflecting to a great extent similar legal philosophies and principles. Although the English regulatory framework may not suit the South African economic conditions in a strict sense, there are adequate similarities between thejurisdictions’ historical, legal and cultural elements to constitute a distinct and identifiable process. The article commences with an overview of the historical development of State regulation in the United Kingdom (UK) and includes a discussion of the UK’s present regulatory system. It then proceeds to discuss briefly the South African regulatory framework and concludes by providing some propositions for law reform.