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{
    "id": 575472,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/575472/?format=api",
    "text_counter": 295,
    "type": "speech",
    "speaker_name": "Hon. Angatia",
    "speaker_title": "",
    "speaker": {
        "id": 2153,
        "legal_name": "Ayub Savula Angatia",
        "slug": "ayub-savula-angatia"
    },
    "content": "Individuals face a lot of problems. Currently, if you go to a bank and you need a loan from it, it can declare you closer to bankruptcy based on two issues: the gearing ratio and the Credit Reference Bureau (CRB) rating. That is what they have been doing. They just look at your gearing ratio and CRB rating and say: “We cannot loan you. You are bordering on bankruptcy. You are 98 per cent, 95 per cent or 65 per cent closer to bankruptcy based on the gearing ratio and the CRB rating.” However, this Bill introduces new mechanisms on how to value bankruptcy or insolvency of an individual, or an organisation which is a move that I welcome. I really support this initiative. It has come at a good time when we are seeing our major corporations in this country facing problems, which arise from the former management or board of directors. We saw Muhoroni Sugar Company selling a whole mill at a low value, so that they could allow receiver managers to take over the management of that company; it was purely looting because there was no clear framework on how you can declare a company insolvent. You 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."
}