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{
    "id": 40860,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/40860/?format=api",
    "text_counter": 349,
    "type": "speech",
    "speaker_name": "Mr. Wako",
    "speaker_title": "The Attorney-General",
    "speaker": {
        "id": 208,
        "legal_name": "Sylvester Wakoli Bifwoli",
        "slug": "wakoli-bifwoli"
    },
    "content": "Madam Temporary Deputy Speaker, on issues about the offences, there are many offences both for the official receivers and the persons who has been declared bankrupt. It is clearly set out in this Bill. There is just a whole chapter on nothing, but offences that can be committed on either side. With regard to the directors in this country, we had a time when a family or somebody could form a company, get the money, channel that money like money laundering through that company and buy properties for the family and so, and leave the company to be declared bankrupt. The company will be declared bankrupt, but him as an individual has benefited. The institutions from which that individual borrowed also becomes very shaky financially, because they have not being repaid. Now, it is going to be an offence for such directors to do those acts. Even if you are a director of a company, maybe you have not done those acts, but you know very well that the company is bankrupt, but nevertheless, you are going on in incurring debts, trading and so on, really making the public suffer. By so doing, you will have committed an offence. In such a situation, you not only commit an offence, but you will not be a director of any other company and so on. So, the offences are all here and I welcome Members to look at them. If there is a way we can improve on this, the ultimate thing is for us to pass the best legislation that we can pass. So, I would really welcome amendments."
}