URSB tips judicial officers on business rescue as they celebrate the rise in Non Tax revenues to shs 50 billion

Uganda Registration Services Bureau has registered tremendous achievements including growth in the number of business registrations, the rise in the collections of Non Tax Revenue, reduction in the time taken to register businesses as well as  setting up a permanent home to serve Ugandans efficiently and effectively, this according to Uganda Registration Services Bureau Registrar General Ms. Mercy Kainobwisho as she gave her remarks at this year’s annual Insolvency Conference.

According to Kainobwisho, the country Non Tax revenue was just shs 5billion in the year 2012 and  this has since rose to 50billion UGX in 2022 , an indication that  URSB has improved  the country’s business climate.

“Preparations are underway to occupy our new home in Kololo that will host the Uganda Investment Authority and Capital Markets Authority before June 2022” she added.

Kainobwisho further said that this year’s conference is a continuation of last year’s all aimed at taking insolvency practitioners through the practical aspects of handling insolvency matters to help them acquire a deeper understanding of insolvency law that will help  in adjudicating insolvency matters.

“Insolvency law has a breadth of options which if well implemented can reduce on the rate of business failure especially in this era of the covid19 pandemic” she added explaining the urgency of the training judicial officers

The training is supported by Judicial Training Institute, Ligomarc Advocates and  URSB.

The head of the Civil division of the High Court of Uganda Justice Musa Ssekaana while giving his remarks acknowledged  some failures within the judiciary citing the Nakumati supermarket saga that required a specialized court thus leading to business failure. He said this could have been avoided if Judges appreciated the insolvency and urgency in the matter.

This year’s conference runs under the theme ‘’Emerging Trends in Corporate Restructuring in Uganda: What to Expect and how to prepare” .

The aim is to achieve URSB’s contribution towards the National Development Plan (NDP III) program of developing the private sector through strengthening the corporate rescue framework.

This two-day conference also focused on  equipping Judicial Officers and Insolvency practitioners with knowledge on business rescue mechanisms and legal approaches available to financially distressed companies and individuals, and also offer tips on protection of assets of insolvent debtors.

The managing partner of Ligomarc advocates in Kampala Mr. Kabiito Karamagi tipped the attendees saying skills and integrity coupled with good work, social circles, accessibility and ability to keep promises are  key factors in opening doors for one’s better future.

“If you want to grow your net-worth let it be of value you need to stand out and invest in your self” he emphasized.

In her closing remarks the registrar general URSB Ms. Mercy K. Kainobwisho urged participants to put into practice the key messages from the speakers.

The Uganda Registration Services Bureau is an institution mandated under the laws of Uganda with the task to  deliver a number of registration services including businesses, intellectual property, civil and handling of insolvency matters that aim at facilitating and enabling the private sector create a better investment climate.