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{
    "id": 494371,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/494371/?format=api",
    "text_counter": 200,
    "type": "speech",
    "speaker_name": "Hon. A.B. Duale",
    "speaker_title": "",
    "speaker": {
        "id": 15,
        "legal_name": "Aden Bare Duale",
        "slug": "aden-duale"
    },
    "content": "away. The problem is running away with shareholders’ money. That is why so many housing companies are collapsing. I am happy the Leader of Minority Party is here, because the Grand Coalition Government gave him a job to deal with some pyramids. He was chair of a taskforce. I am sure he knows how some characters behave when they want to run away with shareholders’ money. In his contribution, he should give us live examples of Kenyans who one morning wake and go away with all the money that people have toiled to acquire. Part X of the Bill provides for the company voluntary arrangements; it empowers a company to make proposals to its creditors. This Bill also deals with administration orders. It empowers a court to give an order against a company which is likely to default and provides for application. Last night I watched news of Kenyans who paid their money to a SACCO in Eldoret and Kapenguria in West Pokot. That SACCO was giving them bouncing cheques, and telling them that their money was safe. So, this Bill gives power to courts, companies, institutions which are likely to be unable to pay their debts and provides for application. Clauses 320 to 326 of the Bill provide for the role and the powers of an administrator appointed for the management of the affairs, the business and the property of a company. Clauses 320 and 326 are basically on how the administrator is appointed, his powers in managing the affairs, the business and the property of the said company. Those powers are outlined more in the third Schedule of the Bill. It provides for the manner in which meetings to consider proposals of the administrator should be conducted; so, he cannot come up with his own rules. There is the establishment of the creditors committees, the approval of proposals and substantive revisions. All those administrative procedures are well documented."
}