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{
    "id": 494410,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/494410/?format=api",
    "text_counter": 239,
    "type": "speech",
    "speaker_name": "Hon. Nyenze",
    "speaker_title": "",
    "speaker": {
        "id": 1987,
        "legal_name": "Francis Mwanzia Nyenze (Deceased)",
        "slug": "francis-mwanzia-nyenze"
    },
    "content": "Thank you, hon. Temporary Deputy Speaker for giving me this chance to contribute to this important Bill. Let me start by saying that the Bill is timely and I support it. I would want to say that, the Insolvency Bill, National Assembly Bill, No. 15 of 2014, has come at the right time. We know that there has been a global economic slowdown which has affected so many countries. When this happens, very many companies experience difficulties in paying creditors and so forth hence they just collapse. This Bill is there to regulate the economy, by putting in loss which would protect the creditors, the shareholders and all other owners of the companies. We have seen the Uchumi Supermarket which was in liquidation and we all know that the Government thought it wise to put in money instead of stopping it from operating. If it could have gone under, so many jobs could have been lost and families could have broken up, thus this Bill has come to address such things. We also know and the Leader of Majority Party alluded to this fact, that this Bill will address the problems like the ones we experienced with pyramid schemes. I was lucky to be appointed the chairperson of the committee that was investigating this matter. In fact, we came up with a report which was known as the Nyenze Report. We tabled it in this House, but because it touched on who is who in the Government, it never saw the light of day. When a company is conned or people lose their money, there is a lot of suffering because these are savings that have taken a long time to accumulate. If you look at the current Bankruptcy Act, which is outdated, this Bill seeks to improve the conditions of creditors. We have seen cases where receivers take over banks and other fallen companies and they extend their stay. They make huge profits at the expense of the owners of the companies. The purpose of insolvency law is to create that efficiency in the The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor."
}