The executive director, Private Sector Foundation, Gideon Badagawa has told employees of Uganda Telecom Limited (UTL) to repent their sins and work for the betterment of the company’s progress.
He made the call on Wednesday during the inspection of Uganda Telecom product exhibition at Hotel Africana.
Exhibitors from various companies had come to showcase their products, during a Regional Insolvency Conference, organized by Uganda Registration Services Bureau (URSB); which ran under the theme: “A Discussion on Building Efficiency Rescue and Cross Boarder Insolvency Practices in Uganda”
“Many companies worldwide, collapse not because of lack of financial capital, but due to poor management. You should therefore repent and work for the good of Uganda Telecom”, he told an excited UTL staff. He said for any company to succeed, the employees should be equipped with the necessary skills. “These include skills in technical, financial, administrative and financial management”, he added.
URSB Manager Liquidation Mustapher Ntale, said the conference was convened to address challenges faced with turning around companies; that are declared solvent but still have the assets base, which can help resurrect them if properly administered.
“The Law on insolvency or bankruptcy of companies has been in Uganda for quite long. Our aim is to assist companies which are pronounced insolvent pay their debtors within a time frame, agreed by Courts of Law”, he said.
He said enforcing the Law, will give bankrupt companies, what he called; “Breathing space”, to pay back their Bank Loans and other debtors.
Participants at the conference comprised; insolvency practitioners, lawyers, accountants, chartered secretaries in Uganda and the East African Community region among others.