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{
    "id": 575967,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/575967/?format=api",
    "text_counter": 105,
    "type": "speech",
    "speaker_name": "Hon. (Eng.) Gumbo",
    "speaker_title": "",
    "speaker": {
        "id": 24,
        "legal_name": "Nicholas Gumbo",
        "slug": "nicholas-gumbo"
    },
    "content": "Thank you Hon. Temporary Deputy Speaker for giving me this opportunity. The object of this Bill is important in the sense that it is a scrutiny of the various Acts of Parliament that would be affected by the passage of both the Insolvency and the Companies Acts. It is a good attempt. I have noticed that there are certain omissions that we may have to re-introduce into this Bill, so that it can become encompassing. For example, I have noticed that if you look at the Companies Bill that we recently passed, it has provisions that give the Capital Markets Authority (CMA) powers even over private companies. I would think that the provisions of the current CMA Act, as it is now, only deal with listed companies. If we are to give effect to this Companies and Insolvency Legislation (Consequential Amendments) Bill, then I would think that we should also amend that particular Act because it is important. If we do not make that amendment, then we would have two sets of laws which are making different provisions. It would be very difficult and it will bring challenges as to what to apply and when. That is because when you have a provision of the CMA Act which clearly restricts its scope and then the Companies Bill that we are yet to consider in the Third Reading which has expanded the scope of the CMA Act without a clear provision to repeal that provision in the CMA Act, then that may pose a problem. On the whole, the scope that has been provided is generally good because there are very many bits of legislations that have been affected by the Companies and Insolvency Acts, namely, the Records Disposal Act, the Advocates Act, the Arbitration Act, the Prevention of Fraud (Investments) Act, the Societies Act and all those other arrays of laws. Hon. Temporary Deputy Speaker, as we move to the Committee Stage, I would propose that we go through the Companies and Insolvency Bill with a tooth comb, so that all the laws affected are taken into account. It would be very difficult to operationalise those two pieces of legislation if the scope tends to bring in new definitions which in one way or another tend to bring a clash with some of the laws that are already in existence."
}