Rwanda

RDB (Rwanda Development Board) this Wednesday commenced a three-day workshop in Kigali to train Rwanda’s insolvency practitioners, judges and other stakeholders including bankers and academics on the new insolvency law and matters around it, Taarifa reported. The insolvency law is part of commercial laws which the World Bank considers in the annual evaluation exercise for ranking Rwanda in the ease of Doing Business global index. The insolvency law is assessed together with its implementing institutions on how they facilitate doing business in the country.

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The Private Sector Federation (PSF) has called for a review of the 2017 draft law on insolvency and bankruptcy, saying it is silent on some key issues, like how to handle cases of bankruptcy among individuals and NGOs, the New Times reported. Deus Kayitabarwa, the director of advocacy at the Private Sector Federation (PSF), explained that the proposed law mainly focuses on business enterprises, but is silent on how an individual or a non-governmental organisation goes bankrupt.
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Rwanda's Ministry of Trade is struggling to popularize the Law of Insolvency among the business community here but success continues to elude its efforts. Since its enactment in May 2009, the Insolvency Law still struggles to be accepted in the business community and is yet to serve its purpose, that of helping insolvent firms sort out their affairs. The law hands down procedures through which indebted businesses that can't pay creditors can declare themselves insolvent or bankrupt.
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