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{
    "id": 494396,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/494396/?format=api",
    "text_counter": 225,
    "type": "speech",
    "speaker_name": "Hon. Chepkong’a",
    "speaker_title": "",
    "speaker": {
        "id": 1154,
        "legal_name": "Samuel Kiprono Chepkonga",
        "slug": "samuel-kiprono-chepkonga"
    },
    "content": "The Bill further provides for a simplified process known as the “no-asset procedure”, as mentioned by the Leader of Majority while moving the Bill. Individuals who have no assets can go through a simplified bankruptcy process, and be given a fresh start in life instead of the very complex process where you are held to ransom by the official receiver. The Bill further proposes the strengthening of the office of the official receiver to make the office capable and efficient in the performance of its functions under the proposed legislation. If successfully implemented, the proposed law requires a revamped office of the official receiver. I would just like to mention a few things in the Bill. The Leader of Majority Party while moving the Bill has already mentioned a number of them. I would like to zero in on Clauses 520 to 623, which provide for the administration of insolvent companies. These provisions ensure that a company that has been placed under receivership is managed in a manner that is in the best interests of the shareholders and the creditors. It is intended to achieve a better outcome for the company’s creditors and to realise the property value, so that it does not in a way lose value because it has been placed under receivership. Many times, companies that are under receivership are sold at a throw-away price. This Bill, in Clauses 520 to 623, ensures that all properties that are sold or realised, the company or the creditors and the shareholders get value for them. It ensures that they are not sold below the market value."
}