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{
    "id": 494341,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/494341/?format=api",
    "text_counter": 170,
    "type": "speech",
    "speaker_name": "Hon. A.B. Duale",
    "speaker_title": "",
    "speaker": {
        "id": 15,
        "legal_name": "Aden Bare Duale",
        "slug": "aden-duale"
    },
    "content": "It goes without saying that business experiences a lot of financial and economic hurdles. The constant inability to meet the obligation of creditors and deal with debtors and the constant possibility of putting businesses under receivership is a matter that this voluminous Insolvency Bill will deal with. The Insolvency Bill, 2014 deals with the Bankruptcy Act, which is Cap.53 of the laws of Kenya. This is the Act that currently governs all matters relating to insolvency. It has over time been very unsatisfactory, cumbersome, inefficient, time consuming and very costly. This Bill wants to reduce and consolidate all the laws and Acts that deal with bankruptcy, receivership and liquidation, and create one standard law that is in conformity with the best international practice and standards. It will help the common people of our country, who want to make sure that their money, assets and, of course, corporate entities are safe, know that at no time will somebody wake up and put your company under receivership without a legally binding process."
}