George Washinton Mallan Omondi

All parliamentary appearances

Entries 51 to 60 of 225.

• 19 Aug 2015 in National Assembly: I explained. The Bill is giving the Official Receiver the authority to authorise the insolvency practitioners. The amendment I am bringing actually gives a role to the committee within the official receiver’s office. So, it becomes more transparent than what is in the Bill. Receivers have been anybody who is picked and goes around destroying peoples’ companies. When you give this to a committee, it means that the insolvency practitioner will have been looked at by a committee and not an individual. view
• 19 Aug 2015 in National Assembly: Given that I am one Member against four or five other Members, whatever I wanted to cure has been explained by my good friend, Hon. Chepkong’a. I am convinced. view
• 19 Aug 2015 in National Assembly: Yes, I withdraw the amendment. view
• 19 Aug 2015 in National Assembly: 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
• 19 Aug 2015 in National Assembly: Hon. Temporary Deputy Chairlady, I beg to move:- THAT, Clause 730 of the Bill be amended in Sub-clause (2) by deleting paragraph (e) and substituting therefor the following paragraph- 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
• 19 Aug 2015 in National Assembly: “(e) the functions of authorized insolvency practitioners, the manner in which they are required to conduct their practice and a scale of remuneration including expenses chargeable against debtors’ assets.” The insolvency practitioners, who have also been called “receivers”, have been charging anything they want. They have even been colluding with creditors to pay themselves out of the debtor’s assets. However, placing the Cabinet Secretary as the one responsible of coming up with the scale of remuneration will check the abuse that has been going on. view
• 19 Aug 2015 in National Assembly: Thank you, Hon. Temporary Deputy Speaker. The passage of this Bill is a good thing for Kenyan entrepreneurs and risk-takers. What has been happening is that any company that goes under receivership is a dead company. This Bill realized that, that is not the case because it can be revived and run again. Some of us have gone through this experience. I fought the receivers for a company that was declared insolvent. I turned it around after 15 years and it is running again. It will encourage more Kenyans and encourage people to put money in business. view
• 4 Aug 2015 in National Assembly: Thank you, Hon. Temporary Deputy Speaker, for giving me the opportunity to contribute to this Bill. In contributing to the Bill I want to comment, at the outset, that the biggest gainer in this Bill is the local risk-taker who invests his seed money into a business and the local entrepreneur who tries to put money to grow his company. In looking at all these things I will restrict myself to the qualifications of the receivers, the introduction or the stage that has been set for insolvency practitioners to turn around companies and not necessarily sell them of when they ... view
• 4 Aug 2015 in National Assembly: To begin with, it is very good that qualifications of insolvency practitioners have been introduced in Part II (6)(1) from (a) to (c). It sets out the qualifications expected of insolvency practitioners. Section 6(2) from (a) to (c) sets out disqualification. What has been happening is that anybody could be appointed as a receiver to a company. Those people ended up running down the companies and neither the shareholders nor the creditors benefited. They ended up stripping the assets of a company because there was no rule at all. Some of them were not qualified. This is now a good ... view
• 4 Aug 2015 in National Assembly: In Clause 5(1) of the same part, there is a penalty against those who are going to masquerade as qualified insolvency practitioners. They are going to be fined and expected to pay Kshs5 million. At Clause 8 of the same part, the Bill stipulates that an insolvency practitioner should apply to the official receiver. I will be bringing an amendment to this. This should not be left to the official receiver to approve the insolvency practitioner. Rather, it should be a panel or a committee within the official receiver’s office. The electronic version of the Official Hansard Report is for ... view