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Government Should Establish Elaborate Laws and Procedures on Bailouts

City Mogul Patrick Bitature has benefited from these bailouts./ Courtesy Photo

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COVID-19 has not only caused financial distress to many businesses in Uganda and globally at large but it has also escalated and exposed how fast successful businesses and individuals could fall into financial distress or even bankruptcy due to internal and external factors and shocks.

Media is nowadays frequently feeding our eyes with businesses that are being auctioned by creditors/bailiffs due failure of debtors to fulfill their obligations to clear their debts.

Whenever one of the major businesses folds, debate ensures mostly on social media ranging from those that commiserate with the stakeholders - the employer, employees, tax body/lost revenues, and other incidental or indirect beneficiaries of that business that has shuttered.

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