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Corporate Recovery and Insolvency

In all business sectors, companies operate in a constantly changing environment, with changing technology, changing competitors, changing customer demand. Many times, failure to manage change results in underperformance and increasing financial pressure. Adverse currency movements, credit constraints, the possibility of strategic errors any or all of these can plunge a company into serious financial distress.

Corporate Recovery services may cover the following:

•    Turnaround solutions – including comprehensive turnaround strategies, performance improvement management and working capital management to financial modelling and business planning.
•    Debt advisory i.e. debt advisory related services, distressed mergers and acquisition, debt and equity rescheduling and crisis cash management.
•    Exit strategies planning – including formal appointments, solvent exits, business sales and cross border capabilities.
•    Corporate insolvency – including: administration, company voluntary arrangement and liquidation and administrative receiverships.
•    Corporate reconstruction and monitoring
•    Personal insolvency - including: partnership voluntary arrangements, bankruptcy and individual voluntary arrangements.

The Uganda Insolvency Act was assented to on 8 Aug 2011. The Act governs how receivership, administration, liquidation, arrangements and bankruptcy shall be handled in Uganda.  It amends and consolidates all laws relating to insolvency (i.e. receivership, administration, liquidation, arrangements and bankruptcy).

The requirements of the Insolvency Act are implemented by the “Official Receiver”, who is also the regulator of insolvency practitioners. The “Official Receiver” is presently the Registrar General.

An Insolvency Practitioner is defined under Section 203 of the Insolvency Act, 2011, as a person who acts as: “a receiver, a provisional administrator, an administrator, a provisional liquidator, a liquidator, a proposed supervisor of a voluntary arrangement or a trustee in bankruptcy”.

Under Section 204 (1) of the Act Members of ICPAU can act as insolvency practitioner. Insolvency Practitioners are required to maintain adequate professional indemnity insurance.

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