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{
    "id": 575470,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/575470/?format=api",
    "text_counter": 293,
    "type": "speech",
    "speaker_name": "Hon. Angatia",
    "speaker_title": "",
    "speaker": {
        "id": 2153,
        "legal_name": "Ayub Savula Angatia",
        "slug": "ayub-savula-angatia"
    },
    "content": "Thank you, Hon. Temporary Deputy Speaker for giving me the opportunity to contribute to this important Bill. First of all, I would like to thank the Mover because he has given serious grounds on why we should introduce this Insolvency Bill that will lead to enactment of a law that will govern procedures used to declare a company insolvent, individuals bankrupt and the action that should be taken. The Bill has come at the right time, because our parastatals have been using annual financial reports to indicate whether a company is insolvent or not, based on the value of the assets compared to the turnover the company has been achieving. These two factors alone cannot determine effectively if a company is completely insolvent or not, because of what goes on behind the scenes. The directors of the company corruptly devalue the assets that the company has and sell some of them corruptly, so that they can have an opportunity to declare a company insolvent after looting it. This Insolvency Bill will give clear guidelines on how a company can be declared insolvent."
}