Prospects And Challenges Of An Improved Companies Act Dispute Resolution Framework: A Study For The Creation Of Zambia's Companies Tribunal

Abstract

Businesses are crucial to the economy of every nation and thus their efficient functioning is cardinal. The regulatory environment in a nation plays a major role in determining the growth and development of its economy. A number of developing nations have recently implemented dispute regulatory reforms aimed at improving the ease of doing business in their respective nations. This is in recognition of the significant role that companies and businesses in general play in an economy. Zambia is not an exception. It has been argued that Zambia has for a long time not created an environment that makes it easy for doing business and thus unlocking its potential to become an economic powerhouse. This is the reason that motivated this research into how we can unlock certain legal impediments to achieving the much talked about, “ease of doing business.” The research examined the framework for resolving disputes under the Zambian Companies Act in relation to improving Zambia's competitiveness in terms of ease of doing business. The examination was conducted in an attempt to assess the framework. This study used various methods of collecting data including qualitative and quantitative data collection techniques. The important information was gathered through studying documentary sources such as journals, case law, Zambian legislation as well as scholarly works by other writers. The research asserted that because the Companies Act resolution framework is primarily based on the court process, it does not support Zambia's efforts to improve the ease of doing business with regard to dispute resolution. A comparative analysis of current trends in company law dispute resolution is conducted, demonstrating a move towards tribunal-based dispute determination and away from reliance on the courts as the primary dispute resolution forum. In the end, the dissertation has recommended creating a Companies Tribunal for Zambia as a step that would ease doing business in Zambia and help reduce the cost of resolving commercial disputes, at least in the context of the Companies Act.