Tayebwa (C) officially opening the 8th Annual Insolvency Conference in Kampala recently
HABARI DAILY I Kampala, Uganda I There is need for stronger business rescue mechanisms to attract more investment to Uganda.
“Investors seek assurance that if things go wrong, a robust system is in place to support recovery and protect their interests,” said Thomas Tayebwa, the Deputy Speaker of Parliament said.
While speaking at the eighth Annual Insolvency Conference held at the Sheraton Hotel recently, he said that increased awareness, especially among small and medium enterprises, to demystify insolvency and highlight its potential as a tool for business renewal rather than failure.
He said that Uganda has the Insolvency Act 2011, but it remains a largely unknown law, which has failed to benefit the business community.
He said when member of the local business community engages with international investors, one of the first things they examine is the legal framework, including insolvency laws, which are lacking.
Mercy Kainobwisho, URSB registrar general has said this body has trained over 500 businesses on managing financial distress and safeguarding their future.
She said they aim at shifting the narrative surrounding insolvency from one of stigma to one of strategy.
She later on unveiled the third edition of the Insolvency Journal, as an important resource documenting experiences, research, and best practices in insolvency management in Uganda.
Held under the theme: A Resilient Insolvency Regime: Balancing Financial Stability, Recovery, and Investment Strategies, the conference brought together key stakeholders from the Government, the private sector, the legal fraternity, academia, and the business community.
