URSB Sensitizes Judicial Practitioners on Insolvency

Apr 7, 2024 - 18:28
URSB Sensitizes Judicial Practitioners on Insolvency

UGANDA - The Uganda Registration Service Bureau has considered training of the of legal practitioners starting with judicial officers on the idea of Insolvency and how to resolve financial distress amicably with the business community, themed, " Leveraging Innovative Insolvency Practices for Business Sustainability."

Speaking at the 7th Annual Conference on Insolvency in Kampala, His worship justice Mike Chibita the chairperson of the judicial training institute governing council presiding over the occasion as the chief guest, appreciated the training in a way that it is essential in strengthening their capacity to handle and resolve insolvency disputes that are brought before them in their respective courts.

On Monday, he included that where appropriate, support the revival of insolvent existence. I therefore implore you to embrace corporate rescue mechanisms to support alien businesses and handle such matters with the utmost care and attention they deserve. Saving insolvent entities promotes economic stability. This economic stability is essential for social economic transformation of our communities, said Chibita.

"All of us know, if you don't know you may have heard about the famous Uganda telecom limited (UTL). This provides a good example of how we can support financially ailing businesses to continue in business to promote economic stability and to preserve jobs. If you recall, around 2017 (UTL) was on the verge of collapse. And through a protective order given by court the company was allowed to reorganize its affairs and financial issues. This approach would save the the business as well as many jobs."

This also speaks well into the government efforts in creating jobs for your brand as on today's theme probably upwards. "This principle I always remember the UTL setup, because I was then Director of Public Prosecution and I was following. But one of the famous statements I had by one of the stakeholders was to call the other side as being mafia cartel Cabal." In lengthy comments he said.

He however, applauded the URSB team for its deliberate efforts in enhancing the capacity of stakeholder's respect especially individual officers.

The reason for this conference is particularly to uave a discussion on what is emerging in the space of Insolvency, business rescue, corporate restructuring, share experience in the courts and different case scenarios across-the-board because colleagues from South Africa and members from the law society are engaged, Mercy Kainobwisho, the Registrar General and Official Receiver URSB described.

"Every time meet , we come up with a resolution which is implemented all the year as Insolvency journal that gives experts an opportunity to share their intellectual capital in terms of knowledge through the journal."

The training also helps companies on how to run, business sustainability and restructuring because very many companies do not know what they are getting into, all they want is to enter a deal and exit, she added.

Benjamin Mwibo Benjamin Mwibo is a talented, passionate and creative journalist with a commitment to high quality out put that is factual and researched. Above all Dedicated with a strong desire to identify the truth of the matter.