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{
    "id": 42352,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/42352/?format=api",
    "text_counter": 459,
    "type": "speech",
    "speaker_name": "Mr. Wako",
    "speaker_title": "The Attorney-General",
    "speaker": {
        "id": 208,
        "legal_name": "Sylvester Wakoli Bifwoli",
        "slug": "wakoli-bifwoli"
    },
    "content": "no defence to it, which can be raised by the debtor. Therefore, the best way I can get my money back is to serve him with a bankruptcy notice”, so that if the debtor does not pay the amount of money within the notice period, the creditor can file a case in court using the bankruptcy notice in his possession. Mr. Deputy Speaker, Sir, if I may just, again, explain the issue of bankruptcy is such a serious matter, which will, in most cases, affect the rights of the individual. In fact, according to the Constitution, you cannot stand for elections or be elected to hold public office if you have been declared bankrupt. It becomes a matter for the due process. It is only the court which can ultimately declare you bankrupt. Part IV of the Bill deals with the appointment of the receiver, and it is set out clearly. This part also provides for the manner in which the property of a person who has been adjudged bankrupt is to be handled, including the status of the property in relation to the person adjudged bankrupt. Clause 103 provides for the manner in which payments due to the bankrupt person by a trustee should be applied, and so on. Mr. Deputy Speaker, Sir, Part V provides for the status of the bankrupt person’s property. Should he be declared bankrupt, all the property that has passed to the bankrupt person will vest in a trustee. It also sets out the duties of the bankrupt person, and imposes a general duty to assist, to the best of his ability, in the realisation of his property. Mr. Deputy Speaker, Sir, I am trying to go through in a hurry. Clauses 147 to 156 restrict the rights of the bankrupt person to deal with property. In other words, if you have been declared bankrupt, your right to deal with your property is limited because the paramount objective now is for the amount to be realized to pay your debt. Clauses 147 to 156 deal with that. Clauses 175 to 179 provide for the status of contracts entered into by a person who has been declared bankrupt. There are very detailed provisions relating to that. Mr. Deputy Speaker, Sir, Part VI of the Bill deals with discharge of bankruptcy order. In other words, all the properties have been realized and so on. He cannot remain bankrupt forever at least he should be allowed now to start life afresh. Clauses 238 to 250 provide for the manner in which creditors may accept composition in satisfaction of the debts by the bankrupt person. It may very well be that I am to be declared bankrupt and I owe many people a lot of money. These creditors can sit down and say, “this is the status of this person. We cannot claim everything. If the property is realized, each one of us will get a portion of what this person owes us.” So, those clauses deal with how that composition can be entered into with a bankrupt person, so that if he agrees to that composition and discharges the things then the bankruptcy order can be discharged. Mr. Deputy Speaker, Sir, Part 6(8) of the Bill outlines the acts which will cause bankruptcy offences where a court has made a bankruptcy order prior to the discharge of the bankrupt person. There is that grey period you have to be declared bankrupt. When you have not yet been discharged as bankrupt, there are possible offences that you can commit. All those offences are outlined from Clauses 298. For example, a bankrupt person who does not, to the best of his knowledge and belief, disclose all the property comprising in his estate to the official receiver or trustee commits an offence. Once you are declared bankrupt and the receiver has been appointed, it is their duty to disclose all the properties you may have in your possession. If you do not disclose all those properties"
}