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{
    "id": 575957,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/575957/?format=api",
    "text_counter": 95,
    "type": "speech",
    "speaker_name": "Hon. (Ms.) Nyamunga",
    "speaker_title": "",
    "speaker": {
        "id": 738,
        "legal_name": "Rose Nyamunga Ogendo",
        "slug": "rose-nyamunga-ogendo"
    },
    "content": "Thank you, Hon. Deputy Speaker for giving me this opportunity to make a few comments on the Insolvency Bill. After going through it, it comes out very clearly that it is very important for the amendment to be made. In Clause 155, the Bill now allows a bankrupt individual to inspect the documents. He can also be allowed to make copies of such documents, go through them and be assured of some issues that may have been raised in the insolvency. From Division II, Clause 636 onwards, the Bill provides for the company directors who are willing to opt to settle matters out of court to go ahead. Their cases can be settled outside court. This is good because it is going to decongest the courts on issues of insolvency. Normally, such cases go on for a very long time. This Bill allows directors who want to settle cases outside the court to do so. I give a lot of credit to the Bill. Another important thing is that the Bill sets up insolvency practitioners who would be given the mandate and the duty to oversee the insolvent companies. This means that the standards are also set. Good standards give a lot of credibility to the process. The Bill allows such a process to be taken by the practitioners. In Kenya right now, there is a lot of insecurity on issues of businesses. The insecurity that has come about with issues of terrorism has made Kenya a high-risk destination for doing business. This Bill will help in providing assurance and creditors will be well taken care of. In insolvencies, you need a lot of assurance that even after going through the process, after sorting out the creditors, the debtors will be allowed to continue with their business as usual. So, the practitioners will take care of the debtors and this will give a lot of credibility to anybody else who may want to come and do business in Kenya, while taking into account the issues of insecurity and terrorism that we are struggling with right now. Another thing that is very good in this Bill is the fact that it adheres to the Kenya’s broader legal and commercial system. All that is put in place and it is making a very strong system for insolvency and for people who may want to continue or have interest in carrying on with businesses in Kenya in the future. With that, I support the Insolvency Bill because it will strengthen what we have now. It is a very long Bill that may take a lot of time for most of us to understand, but it is important for us to give it a lot of time, go through it and support it. In my view, it will strengthen our businesses and the companies that we have in Kenya. Issues of insolvency will also be put to rest. People will not fear dealing with issues of insolvency because the law that will be in place will be very strong and supports both sides."
}