The East African Community (EAC) is hatching 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 an the launch of the insolvency week in Kampala, Mr Bemanya Twebaze, the registrar general Uganda Registration Services Bureau (URSB),said resolving insolvency is one of the areas that the World Bank bases in preparing its easing of business report.
The World Bank Doing Business Report 2017 which is its 14 edition and themed ‘Equal Opportunity for All’ released in Washington DC on October 25, shows that Uganda moved from 122 in 2015 to 115 in 2016 out of 190 economies.
Mr Twebaze, 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 Wednesda-width">