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{
    "id": 575459,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/575459/?format=api",
    "text_counter": 282,
    "type": "speech",
    "speaker_name": "Hon. Gikaria",
    "speaker_title": "",
    "speaker": {
        "id": 2489,
        "legal_name": "David Gikaria",
        "slug": "david-gikaria"
    },
    "content": "Thank you, hon. Temporary Deputy Speaker for giving me this opportunity to give my contribution on the Bill. Much has been said about this Insolvency Bill. We are in an era where we are trying to promote young people and encourage people not to think about white collar jobs only. We are encouraging people to go into business and earn a living, and not wait to be employed in some quarters. In the past, people have gone to banks to get loans, borrowed money from friends or used previous savings to start some companies. They look forward to starting companies with the thinking that every other company that has been started will be very successful. When you go into so many other details of trying to understand or get some feasibility study on how you can acquire some business knowledge so that you can start, you end up borrowing so much and finally the business does not do very well. Maybe you are in a company where you are a group of people who have come together to start a company for purposes of making profit, but eventually they end up not realising their objectives. They also end up in so many problems, and even put families in a lot of trouble; finally they are declared bankrupt because they never did their calculations correctly, or their companies are declared insolvent. The law that has been there to take care of this has not been very friendly. Now that we have the new Bill, with all that has been said by the Mover and the person who seconded, the Member from Turkana and the other speakers, I think this is a very important Bill that is coming to address most of the fears that every person has once their companies start doing badly, and they cannot meet their financial obligations. 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."
}