Dozens Of Rwandan Companies File For Bankruptcy

Fifty-one local firms have filed for bankruptcy, according to a public notice released by the Rwanda Development Board in October, Taarifa reported. Majority of these companies are from Gasabo, Kicukiro, Nyarugenge and Musanze districts. As per the notice, any person or institution can deliver a notice of objection to the Registrar General at RDB to halt the closure in a period of 20 days. “Any person or institution with an objection to the removal of these companies may deliver a notice of objection to the Registrar General to the address below not later 20 days after publication of this advert” the announcement reads in part. The public notice was made pursuant to the Law governing companies in Rwanda, where the general public must be informed before companies are announced insolvent so that any person with concerns such as debt can file a complaint or objection. A study released last year by Private Enterprise Development In Low Income Countries indicated that 80% of Rwandan firms temporarily closed due to effects of Covid-19, laid off 25% of its workforce and experienced decline in annual earnings by 26% compared to pre-pandemic periods. Read more.