By Kiyimba Bruno
Uganda Registration Services Bureau has organized a five  day training for insolvency practitioners, Judicial officers, the business community and official receivers from the East African Community, under the Theme “Enhancing Stakeholder Awareness on Insolvency”.
The primary function of engaging the business community and insolvency practitioners is to enlighten businessmen and professionals on developing the culture of business revival as opposed to liquidation.
Business failure is a commercial reality, however the law gives a distressed debtor, its creditors and other stakeholders the option to restructure and rescue the business.
For a rescue plan to succeed, the official receiver takes cognizance of the existence of an effective court to manage insolvency, and more so dedicated judicial officers.
Judicial officers will be trained for two consecutive days by judges from United States of America and United Kingdom on strategies in handling rescue plans.
Given the rapid globalization of trade and its borderless nature which does not only apply to multinational corporations but also to small and medium enterprises [SMEs], regional official receivers from across the East African Community will be engaged to discuss ways of eradicating trade barriers across borders while moving towards the enactment of the East African Protocol on Insolvency Practice.
The Bureau engaged stakeholders from November 14 – 18, 2016 to share experiences, exchange ideas and challenges facing the East African Community Insolvency landscape.