Collective settlement procedures for insurance companies

Although OHADA law is considered to be the common law for companies in difficulty providing a harmonized legal framework for them and is also concerned with the rationalization of collective proceedings within member states the fact remains that for insurance companies this law cannot be applied in its entirety due to their specificity. The CIMA Code which sets out a number of special provisions applicable to the reorganization and liquidation of insurance companies takes account of this speciality bearing in mind that insolvency proceedings apply to companies facing financial difficulties or suspension of payments. However we need to determine whether these criteria are defined in the same way under CIMA law as they are under OHADA law in order to be able to initiate proceedings that could lead to the insurance company's recovery or disappearance.