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{
    "id": 575464,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/575464/?format=api",
    "text_counter": 287,
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    "content": "Look at what it is intended to achieve. I bring this out because if we had these kind of provisions in the law, firms such as Pan-Paper would not be in the condition they are right now. A receiver was appointed at Pan-Paper, but he just ran it down and destroyed everything he found there. He has been selling every bit and piece of equipment that he found there, so as to make money for himself. If we had a law in place that would enable those persons and entities to continue to operate as a going concern, it would have helped business come out of the difficulties they have been experiencing. The condition of Pan-Paper has been worsened by a receiver who has continuously engaged in selling the equipment, so as to meet the cost of his presence in the company. I want to thank the Leader of the Majority Party and Government for bringing this important Bill before the House. Obviously, Members have gone over and over the issues which are provided for in the Bill. However, it is clear that the consolidation of the various pieces of law for purposes of benefiting all parties is a win-win situation. No one will be affected adversely by the provisions of this Bill. I, therefore, want to emphasize the provision that provides for an efficient management system of insolvency. It is about taking into account the assets, estates, and interests of parties; this is quite interesting. It is going to ensure growth in businesses and eventually our economy. This will lead to creation of jobs for our people. Livelihoods too are going to be enhanced. So, the provision for bringing together creditors, debtors and all other people involved is one of the key factors in the Bill. The clauses in this Bill that ensure that all the parties concerned come to a round table to look at each other’s interests and the weight of the issues would enable an amicable resolution of any differences among the parties. This cannot be overemphasized; it is quite clear that it is going to benefit the business community. More important is the fact that this Bill deals with the environment for businessmen and investment. It ensures that businesses are viable, sustainable and operate to the benefit of the investors. Such benefits are bound to extend to members of our society. We have had challenges in terms of property administration in this country for a long time. Some of the legislation being repealed has been confusing; such legislation made it very difficult even for matters to be resolved through litigation in court. We know that when we take matters to court for litigation, such matters are bound to take long to be resolved. It is not that we doubt the courts, but the truth is that there are challenges within the courts, and courts might take years to reach decisions. Again, the decision arrived at is at the mercy of the judge."
}