Destigmatise insolvency, support business continuity—Deputy Speaker

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A shift in Uganda’s business culture is the central message at the 8th Annual Insolvency Conference, being held Thursday, April 10, at the Sheraton Kampala Hotel, where the Deputy Speaker of Parliament, Thomas Tayebwa, officially launched the third edition of the Insolvency Journal.

The conference, organised by the Uganda Registration Services Bureau (URSB), convened under the theme: “A Resilient Insolvency Regime: Balancing Financial Stability, Recovery, and Investment Strategies.”

In his keynote address, Tayebwa called for a paradigm shift in public perception around insolvency, noting that insolvency should not be viewed as a mark of failure, but rather as a strategic tool for recovery, especially for small and medium-sized enterprises (SMEs) that dominate Uganda’s economy.

Deputy Speaker of parliament, Thomas Tayebwa, launching the 3rd edition of the URSB insolvency journal. (Credit: Maria Wamala)

“In today’s volatile global economy, businesses, especially small and medium-sized enterprises, face increasing risks. Insolvency is not a sign of failure but a critical tool for recovery, restructuring, and continuity,” said Tayebwa.

He warned that many SMEs operate without adequate financial records or internal systems, making it harder to recover when faced with shocks. “We must destigmatise insolvency and raise awareness that liquidation is not the only option available,” he urged.

Highlighting the critical role of the URSB, Tayebwa said the Bureau acts as a safety net by “protecting businesses, safeguarding creditors, and ensuring that entrepreneurs receive a second chance.”

He stressed the need for predictability and structured business safety nets to build investor confidence and attract foreign direct investment.

“As government, we are committed to supporting efforts that build a robust and harmonised insolvency framework, one that reflects regional and global realities and positions Uganda as an attractive investment destination,” he emphasised.

(Credit: Maria Wamala)

URSB on business resilience

Lydia Aliwonya, URSB Board member representing the board chair, echoed Tayebwa’s sentiments and reaffirmed URSB’s commitment to supporting the National Development Plan IV (NDP IV) by strengthening the country’s business recovery framework.

“A robust insolvency ecosystem is critical for business recovery and economic growth,” Aliwonya noted, emphasising the need for practical skills in business rescue, restructuring, and insolvency management.

She highlighted URSB’s recent achievements, including enhanced revenue collection and maintaining the One-Stop Business Centre, which she said contributes to the ease of doing business and enterprise sustainability.

“As our economy evolves, so must our solutions. Tackling insolvency challenges demands innovation, collaboration, and capacity building,” she said, calling for closer synergy among regulators, practitioners, and stakeholders.

(Credit: Maria Wamala)

Changing the insolvency narrative

In her opening remarks, URSB registrar general, Mercy Kainobwisho, described the conference as a milestone in advancing Uganda’s economic resilience. She made a passionate case for changing the societal view of insolvency.

“We aim to change the narrative surrounding insolvency from one of stigma to one of strategy. So far, we have trained over 500 businesses on how to safeguard their future,” Kainobwisho announced.

She commended the URSB team for their commitment and the partners who have been instrumental in supporting the Bureau’s mission.

She also officially unveiled the third edition of the Insolvency Journal, which she described as an essential resource in strengthening Uganda’s business rescue mechanisms.

“This journal is a reflection of the steps we are taking to build a resilient economy. It serves not just practitioners, but anyone who believes in a second chance for businesses,” she noted.

(Credit: Maria Wamala)

A call to action

The conference brought together insolvency practitioners, legal experts, policymakers, and development partners to brainstorm how Uganda can continue to adapt its insolvency regime to current and emerging challenges.

Speakers during the session said that with the economic shocks caused by regional instability, inflationary pressures, and global supply chain disruptions, the discussion is timely.

At its core, the stakeholders emphasised the need to balance financial stability, ensure viable business recovery mechanisms, and create a predictable legal environment that encourages investment and entrepreneurship.