Aden Bare Duale

All parliamentary appearances

Entries 13191 to 13200 of 17810.

• 22 Oct 2014 in National Assembly: of people and entities that have borrowed that ultimately might lose their money and assets. Borrowing is a common concept. Even this august House has borrowed at one time or the other. We and our businesses are servicing loans and Kenyans do that in their great work as business people. In a sustained economic growth of any country, the ability to nurture business, borrow, create wealth and employment may be realised sometimes through borrowing. view
• 22 Oct 2014 in National Assembly: The genesis of this Bill is, how do we, as a country, confront economic development, failures of business irrespective of the micro-economic environment in which business operates? Individual firms might experience financial problems. So, this Bill will deal with rescues or reconstruction. We felt it is possible that this Bill, at the end, will show how systematic, or legalistic, we can deal with the concept of liquidation. view
• 22 Oct 2014 in National Assembly: It goes without saying that business experiences a lot of financial and economic hurdles. The constant inability to meet the obligation of creditors and deal with debtors and the constant possibility of putting businesses under receivership is a matter that this voluminous Insolvency Bill will deal with. The Insolvency Bill, 2014 deals with the Bankruptcy Act, which is Cap.53 of the laws of Kenya. This is the Act that currently governs all matters relating to insolvency. It has over time been very unsatisfactory, cumbersome, inefficient, time consuming and very costly. This Bill wants to reduce and consolidate all the laws ... view
• 22 Oct 2014 in National Assembly: Hon. Speaker, the Insolvency Bill was developed by stakeholders in companies and insolvency partnership in collaboration with the Government and other key players. In a nutshell, because I am sure I am not going to take the 105 minutes--- If I take 105 minutes then I will talk until the recess comes next Thursday. This Bill deals with liquidating and re-organization of businesses which have failed, and gives the way forward on how to turn those businesses into efficient business entities. view
• 22 Oct 2014 in National Assembly: Hon. Speaker, the environment in which businesses in Kenya operate must be reviewed and improved constantly for them to contribute to the health of sustainable businesses in our country. Given that background, the Insolvency Bill, 2014 is presented for debate for in the Second Reading in this House. Among the things the Bill is meant to consolidate is how to deal with the law relating to insolvency of both natural persons and corporate entities. So, it will deal with the individual who is an investor; who has put his money in a company and the corporate as an entity. view
• 22 Oct 2014 in National Assembly: Kenyan companies are under threat from well established multinational companies with very good sources of funding at a very low interest rate. If we do not create a law to manage this process then in the years to come, our country will be taken over by multinationals and all our locally established companies will be under receivership; they will end up winding up. So, we must find a way in which we put systems in place to protect our local companies. That is the genesis of the Bill. This Bill also provides an orderly system of managing affairs in insolvency, ... view
• 22 Oct 2014 in National Assembly: terms of the individual and the corporate entity. This Bill will make sure that there is an efficient and equitable administration of estates and assets of insolvents. How do we manage assets and estates in a scenario of insolvency? That is what the Bill is going to give us here. Why do we need this? In managing assets and estates we must have a fair balance between the interests of the insolvents and those of creditors. This Bill will make sure that we have a win-win situation for everyone; both the insolvents and the creditors will be taken care of. ... view
• 22 Oct 2014 in National Assembly: If you allow me, there is a serious chama business on the far end of the House. It looks like our great ladies have started chama business in the Chamber, which they can do at the lounge. The ladies are busy, my very good friends. view
• 22 Oct 2014 in National Assembly: Yes, consultation on parliamentary business. I am just very mischievous. Part I relates to preliminary provisions of the Bill. Part II, and this is a voluminous Bill, introduces a new concept of insolvency practitioners. We will have people who will be the owners of that in terms of the profession. They will be called “insolvency practitioners”. It defines who an “insolvency practitioner” is, in relation to a company 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. view
• 22 Oct 2014 in National Assembly: and an individual. It outlines the qualifications of the practitioner and for one to qualify to belong to that category of people. Clauses 8 to 11 of the Bill provide for the process by which a person may apply to the official receiver for authorization to act as an insolvency practitioner. You can become a practitioner, but there is a process by which authorization is granted. In this circumstance, publication may be granted or you might be refused issuance of a notice of authorization accordingly. So, as with any other professional body, there will be certain procedures and certification that ... view