Trade and Commercial Law Assessment - Honduras - Economic ...
Trade and Commercial Law Assessment - Honduras - Economic ...
Trade and Commercial Law Assessment - Honduras - Economic ...
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TRADE AND COMMERCIAL LAW ASSESSMENT DECEMBER 2004<br />
HONDURAS<br />
COLLATERAL<br />
No. Type Recommendation Priority Duration<br />
1. Legal reform A new law of secured transactions<br />
is needed, shaping the draft law of Garantías<br />
Reales Mobiliarias to make sure that it is consistent with all aspects of the OAS<br />
Model <strong>Law</strong> of Secured Transactions. This should include participation in an effort to<br />
regionalize<br />
key credit institutions, such as the commercial registry.<br />
High Long term<br />
2. Legal reform As mentioned also in the Bankruptcy recommendations, enact a new law of Civil <strong>and</strong><br />
<strong>Commercial</strong> Procedures, currently<br />
in draft form before the Supreme Court, that<br />
maintains <strong>and</strong> even improves current expeditious judicial enforcement<br />
of collateral<br />
guarantees.<br />
High Near term<br />
3. Institutional<br />
reform<br />
COMMERCIAL DISPUTE RESOLUTION<br />
The courts <strong>and</strong> judicial system must undergo significant<br />
reforms in order to meet the<br />
dem<strong>and</strong> of modern commercial transactions.<br />
High Long term<br />
No. Type Recommendation Priority Duration<br />
1. Misconduct Investigate evidence of corruption among judges in order to ensure the integrity<br />
<strong>and</strong> High Long term<br />
Prevention functioning<br />
of the courts. Currently, public confidence in the courts is low.<br />
2. Institutional Rev isit the process for selection of Supreme Court judges. While reform to the process High Near term<br />
reform<br />
was only recently passed, there are strong suspicions that they did not go far enough to<br />
remove, to the greatest extent<br />
possible, political influences on the selection process. If<br />
that has not been accomplished, judicial selection will remain<br />
questionable throughout<br />
the judicial system. Since the changes to the law were only recently<br />
passed, efforts in<br />
this regard in the near term may be more effective since interest is still high.<br />
3. Institutional<br />
Promotion<br />
While a law on alternative dispute resolution (ADR) currently exists, it remains<br />
relatively unknown <strong>and</strong> grossly under used. A promotional campaign should be<br />
undertaken within the business community so that the efficacies of ADR could be<br />
better understood <strong>and</strong> accordingly employed to a greater<br />
extent.<br />
Attachment 1, pg. 5<br />
High Long term
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