By Kiyimba Bruno

Uganda Registration Services Bureau has organized a five [5] 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.