{"id":575461,"url":"http://info.mzalendo.com/api/v0.1/hansard/entries/575461/?format=json","text_counter":284,"type":"other","speaker_name":"","speaker_title":"","speaker":null,"content":"We have seen so many companies which have tried but maybe just because of some miscalculation, or international issues that also affect their companies--- An example is the tourism industry, where I might have started an hospitality business in terms of a hotel, but because of some tourist activities and some other countries issuing security advisories to their citizens not to visit the country, this happens. These are unforeseen problems that some people might find themselves in. This Bill addresses many of the issues. For example, if there was a mistake and somebody wanted to seek some court orders to declare your company bankrupt, then the court can give you a hearing and maybe you can restructure your debts and agree with the creditor on how you will settle some pending issues. This is paramount because both the creditor and the directors of a company, or an individual, have an opportunity to correct the mistakes through, maybe, engaging in some consultations; they can agree on how they can address some of the cases that might have been brought on board. The High Court has been put under some specific limitations regarding how they can handle an insolvency case. It is important because it gives them parameters as to how to move forward. We have seen families which do not take the interest of the business at heart. This is more with the trustees. Whenever somebody has been given duties as a receiver or as a trustee to take care of the interests of the dependants of the deceased---This Bill highlights some of the issues relating to a deceased person and his or her dependants. I do not want to repeat myself since most of the issues have been discussed. However, more important is the issue of appointment of an official receiver. It is something that has given hope to people who are declared bankrupt. After the Obama visit it is important to state that as one seeks to enter the business world, one needs to look at both the Companies Act and this Insolvency Bill, which I hope will be assented to by the President. This will enable one understand the consequences of a business not meeting its objectives. As we encourage young people and women to register companies, let us also caution them to look at the dark side of things. This is so that we prepare them to handle the situation in case things go wrong. They need to know what the law says about their rights, the rights of the creditors and so on. Creditors, for example banks know their limits as is stipulated in the Bill before the House. So, those getting into the business world need to read the law and understand it. They could also get legal advice from their lawyers. With those few remarks I beg to support the Bill. The few issues that have been raised can be brought through amendments at the Committee Stage."}