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{
    "id": 575450,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/575450/?format=api",
    "text_counter": 273,
    "type": "speech",
    "speaker_name": "Hon. Ekomwa",
    "speaker_title": "",
    "speaker": {
        "id": 2940,
        "legal_name": "James Lomenen Ekomwa",
        "slug": "james-lomenen-ekomwa"
    },
    "content": "Thank you, Hon. Temporary Deputy Speaker for giving me this opportunity. I rise to support this Insolvency Bill. First, it provides a fair and transparent means of declaring an entity or an individual bankrupt. You will remember that when we were aspiring to be Members of Parliament, there were conditions in the Constitution that for one to be eligible, he or she must not be bankrupt. If you are bankrupt, you are not supposed to vie for any elective post. When we were picking certificates like the certificate for integrity or loan clearance, I asked myself where I would get a certificate that confirms that I am not bankrupt. This Bill provides professional entities that will ensure that a company or an individual is bankrupt or not. It also provides avenues where an entity or an individual will apply for the certificate. Nobody in this nation is ready to be associated with bankruptcy. This is because it undermines the dignity of the individual, an entity or an organisation. This Bill provides transparent and fair avenues for a company to be declared insolvent. If you want to take a loan or a mortgage, one of the conditions that you are given is to value your assets. It should be open. We must get a professional entity that is qualified, respectable and that can handle this issue of insolvency, so that you choose which one will take care of people who will want to witch-hunt an entity, organisation or individual. So, when you have professional entities that will handle this issue, you will be free as an individual, or as an entity, to go to any that you know will do this work in a way that is expected by every Kenyan. After it has done that, you are given, for example, a certificate. Once you are given this certificate, it will be a basis for you to confirm the integrity of that organisation either as a financial institution or whatever office. You will already be prepared, and any entity, company or individual will not just get into an organisation and say you are bankrupt."
}