The East African Community (EAC) bloc is mooting a plan to harmonise laws that will regulate cross border insolvency. Insolvency occurs when an organisation or individual is unable to pay debts on time. An insolvent company can either wind up or be restructured.
Speaking to journalists during the launch of the insolvency week in Kampala, Bemanya Twebaze, the registrar general Uganda Registration Services Bureau (URSB), said the move is timely as countries shift towards borderless trade.
“Trade across borders is a daily occurrence so what happens in a situation where a company which is trading across the region goes into liquidation,” he said at the Regional Official Receivers’ Forum on Wednesday. Read more. Source | New Times