John Mbadi Ng'ong'o

All parliamentary appearances

Entries 6381 to 6390 of 7480.

• 14 Jun 2011 in National Assembly: No, Mr. Deputy Speaker, Sir. I believe that is the end of that issue, so that I can raise another issue. view
• 14 Jun 2011 in National Assembly: Mr. Deputy Speaker, Sir, you will remember there is an issue that I have raised in this House before. This is the issue of a Ministerial Statement that I had asked the Deputy Prime Minister and Minister for Finance to provide. I am concerned because right now, this House is considering and deliberating on the Budget for this year and there are doubts on the previous Statements that have been presented to this House. It is going to be a bit unfair if this matter is not sorted out before this House considers another set of Financial Statements. view
• 14 Jun 2011 in National Assembly: Yes, Mr. Deputy Speaker, Sir. view
• 14 Jun 2011 in National Assembly: Mr. Deputy Speaker, Sir, allow me to support this Bill. I think many times in this House, we have spoken about this country having laws that are not pro- investment. We have complained that the Government needs to review or make amendments to the various laws that we require to encourage investment in this country. We have been having problems with the Companies Act and I am happy that something is being done. We are soon going to have a company law in this House, courtesy of the Attorney-General, who is just about to leave office. Probably, that may make ... view
• 14 Jun 2011 in National Assembly: Madam Temporary Deputy Speaker, we have been complaining about the Companies Act. We feel it is rigid and oppressive to business. We have spoken about the absence or lack of insolvency law. I know that there was the Bankruptcy Act, but it did not adequately address the issues and complaints that we have had. We have cases of bankruptcy, receivership, insolvency, voluntary winding up and liquidation. Those issues, to many Kenyans, have not been very clear. We have not undertaken a deliberate attempt to clarify to Kenyans what they mean. In Kenya, anytime you hear of a company going view
• 14 Jun 2011 in National Assembly: into receivership, that is like a death sentence for that company. Instead of managers, liquidators and receiver managers trying to help the company come out of the financial distress, they have been profiting from the assets of the company. The fact that the company is not able to meet its obligations as and when they fall due does not necessarily mean that, that company has no capacity to rise again and stand on its feet. Therefore, we have looked for a set of laws that will help clarify and provide a systematic way in which a company that is in ... view
• 14 Jun 2011 in National Assembly: Madam Temporary Deputy Speaker, if you look at Part IV of this particular Bill, it dwells at length on bankruptcy. It defines it. It also defines the duties of trustees and receiver managers. It also clearly spells out how the debtor’s property will be distributed in the event that the trustee is supposed to pay the creditors. It also outlines the commencement of bankruptcy, talks about the court processes, statement of affairs and what happens in the event that during the process, the bankrupt person dies. What happens in the processes of doing all that? What if the person who ... view
• 14 Jun 2011 in National Assembly: Madam Temporary Deputy Speaker, more importantly is the provisions of Part VII. I am more concerned about the corporate rescue. That is because in this country, cases of companies which have gone under receivership, I only know of Uchumi Supermarkets which was revived. That is because there was a rescue plan for it. There was a corporate rescue process. Otherwise, all the others have collapsed because we do not have a clear procedure of how, if a company is in financial distress as I said, should be helped to come out of it. I want to just give an example ... view
• 14 Jun 2011 in National Assembly: Madam Temporary Deputy Speaker, we need, as a country, to have laws in place which will help us, in case, companies go through financial distress. How do we get them out? That should be the bottom line. That is what we should be focusing our attention on. The objective should not be just to pay the creditors and wind up the company. The objective should be to fight and see how that company will be helped to get back on its feet again. I can see the Minister pointing at the Attorney-General. When I started, I said that I congratulate ... view
• 14 Jun 2011 in National Assembly: way of helping companies and even individuals. We have individuals who run bankrupt. Suppose hon. Mbadi became bankrupt today? We know the consequences of that. How do we help him come out of it? Do we just condemn him and let him lose his parliamentary seat and that is the end of it? We need to look for ways of helping Kenyans because somebody or a company can get into financial distress for a number of reasons. Madam Temporary Deputy Speaker, I want to conclude my contribution by saying that, at times, there is no clear way of paying the ... view