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(Sep 02, 2009) The Government of Uganda has submitted a bill on insolvency to the Parliament. The aim of the legislation "is to rationalise the law and combine the relevant provisions into one applicable to individuals as well as companies," according to Deputy Attorney General Freddie Ruhindi, who tabled the bill. At present, Uganda's insolvency law is regulated by a number of different enactments, e.g., the Bankruptcy Act (Cap. 67, 1931) governs individual insolvencies while the Company Act (Cap. 110, 1961) regulates company bankruptcies. (Catherine Bekunda & Cyprian Musoke, Bill on Commercial Justice Tabled, THE NEW VISION ONLINE, Aug. 23, 2009, available at http://www.newvision.co.ug/D/8/13/692258/commercial%20justice [as registered user].)
The draft bill covers receivership, administration, liquidation, arrangement, bankruptcy, and cross-border insolvency. It is part of a broader reform of Ugandan commercial law, which, Ruhindi stated, "will see many commercial laws reviewed and amended." (Id.)
According to meetings convened in 2005 by the Regulatory Environment Working Group of the Presidential Investors' Round Table, 14 bills on commercial issues were in "urgent need of consideration by Uganda's Parliament." In addition to the bill on insolvency, the list included: the Draft Mortgage (Amendment Decree); Draft Hire Purchase Bill; Draft Trade Marks Bill; Copyright Bill; Draft Sale of Goods and Supply of Services Bill; Draft Companies Bill; Draft Partnership Bill; Draft Electronic Transactions Bill; Draft Electronic Signatures Bill; Draft Computer Misuse Bill; Draft Accounts Act (Amendment) Bill; Codification of the Contracts Law Bill; and Draft Geographical Indications Bill. (United Nations Conference on Trade and Development [UNCTAD] & Japan Bank for International Cooperation, BLUE BOOK ON BEST PRACTICE IN INVESTMENT PROMOTION AND FACILITATION: UGANDA 5 (May 31, 2005), available at http://www.jbic.go.jp/en/about/press/2005/0617-03/index5.pdf.)
|Author:||Wendy Zeldin More by this author|
|Topic:||Civil code More on this topic|
|Jurisdiction:||Uganda More about this jurisdiction|
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Last updated: 09/02/2009