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{
    "id": 494345,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/494345/?format=api",
    "text_counter": 174,
    "type": "speech",
    "speaker_name": "Hon. A.B. Duale",
    "speaker_title": "",
    "speaker": {
        "id": 15,
        "legal_name": "Aden Bare Duale",
        "slug": "aden-duale"
    },
    "content": "terms of the individual and the corporate entity. This Bill will make sure that there is an efficient and equitable administration of estates and assets of insolvents. How do we manage assets and estates in a scenario of insolvency? That is what the Bill is going to give us here. Why do we need this? In managing assets and estates we must have a fair balance between the interests of the insolvents and those of creditors. This Bill will make sure that we have a win-win situation for everyone; both the insolvents and the creditors will be taken care of. The Bill is also meant to ensure that insolvents, whose financial position is redeemable, continue operating as going concerns and there will be rules in place to achieve a win-win scenario. This is because there are situations where a company is under receivership but if proper mechanisms and management are put in place that company can come back to its original position. But we have brokers who scout around for companies that are under receivership, so that they “kill” them; they take them over, change the name and go away with everything. This Bill will ensure that not all companies, or corporate entities, that are under receivership will “die”; it creates a win- win situation. In fact, the Bill is creating a reform system within the insolvency. It also brings together all the different pieces of legislation like Cap. 53 of the Bankruptcy Act, and many other pieces of legislation together. It harmonizes and puts them in line with the spirit and the letter of the new Constitution. Finally, hon. Speaker, the Insolvency Bill that is before us today incorporates the United Nations Commission on International Trade Law model on cross-border insolvency. If a Kenyan company has the same business or is faced with the same financial challenge and that company is also based in Tanzania or Uganda, then this Insolvency Bill takes care of that. Hon. Speaker, I will now go to the finer details of the Bill bit by bit, so that I can allow my colleague to second and then you will allow the many hours that the great man from Rarieda is asking for. I know he is a serious man. I served with him in the last Parliament and he is a man of kusema na kutenda . He is not doing it for public relations. I hope he will join the slogan bandwagon to which I belong. Part I relates to the preliminary provisions of the Bill."
}