Entry Instance

HTTP 200 OK
Allow: GET, PUT, PATCH, DELETE, HEAD, OPTIONS
Content-Type: application/json
Vary: Accept

{
    "id": 575423,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/575423/?format=api",
    "text_counter": 246,
    "type": "speech",
    "speaker_name": "Hon. Mulu",
    "speaker_title": "",
    "speaker": {
        "id": 1955,
        "legal_name": "Benson Makali Mulu",
        "slug": "benson-makali-mulu"
    },
    "content": "Thank you, Hon. Temporary Deputy Speaker, for giving me this chance to add my voice to this debate. At the outset, I support the Insolvency Bill, 2014. It is a very important Bill to this country bearing in mind that we have just concluded debate on the Companies Bill. This Bill is very important because it is reviewing the Bankruptcy Act (Cap. 53 of the Laws of Kenya). It seeks to encourage dissolution of non-viable and inefficient businesses for the benefit of creditors, shareholders and directors. Earlier, I had made an attempt to see whether we could get more time to debate this Bill because it is very voluminous. I will just focus on three areas which I think are very important and which are going to add value to the way we conduct our affairs when it comes to dissolution of companies. This Bill provides the legal framework for insolvency to ensure that the process is done in a professional way. It authorizes insolvency practitioners and professionals and says what their qualifications should be, so that the process is done by professionals and people who have the right qualifications and competencies. At the same time, the Bill makes provision for the appointment of bankruptcy trustees to make sure that the estates of the people are administered properly and there is proper record-keeping of the processes. The Bill also provides for creditors meetings, which is very important. This is a meeting where creditors will come together and be given information about what is happening to the company and, at the same time, make a decision on how to take care of their interests, the interests of the shareholders and everybody else. This Bill makes sure that there is a public register of persons admitted into the non-asset procedures. So, for the first time, we are going to have a register of people who have been admitted into non-asset procedures to make sure that 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."
}