A Case To Ammend The Insolvency Act To Give Employees Terminal Priority
Monday, October 31, 2016
But what the liquidation of BCL has also exposed, is the position of Botswana workers in the ranking order of creditors. According to the Insolvency Act, when a company undergoes liquidation, there are creditors who are given preference as compared to others. We have since learnt that the ranking order of creditors are divided into two categories, secured creditors and preferent creditors. Secured creditors are those that are given in simple parlance first priority in the payment of debts. These are holders of mortgage bonds hypothecating immovable property.
This means if banks have any mortgage bonds against BCL and TNCM, they will be paid first in any remaining estate because they are secured creditors.
The recent Vaccination Day in Motokwe, orchestrated through collaborative efforts between UNICEF, USAID, BRCS, and the Ministry of Health, underscores a commendable stride towards fortifying child health services.The painful reality as reflected by the Ministry of Health's data regarding the decline in routine immunisation coverage since the onset of the pandemic, is a cause for concern.It underscores the urgent need to address the...