Insolvency

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Administration

This is the formal procedure of appointment of an administrator for a company that is insolvent with the goal of bringing about a recovery. An administrator is appointed by an administration deed by the company in a general meeting.

The proposed administrator of the deed;
The property of the company available to pay the creditors’ claims;
The nature and duration of any moratorium period or which the deed provides;
The extent to which the company is to be released from its debts;
The conditions, if any required for the deed to come into operation and continue in operation;
The circumstances under which the deed terminates;
The order in which proceeds of realizing the property referred to in paragraph (b) are to be distributed amongst the creditors bound by the deed;
The date which shall not be later than the day the administration begins, on or before which claims that are admissible under the deed, shall have arisen.

a. Send to each creditor of the company a written notice of execution of the deed;
b. Give public notice of the execution; and
c. Deliver written notice of the execution to the Official Receiver, court and the registrar.

The administrator shall supervise the implementation of the administration deed.

a. The company
b. The company’s directors and secretary
c. The company’s shareholders;
d.The administrator and All the company’s creditors in relation to claims arising on or before the day specified in the deed.

a.The court makes an order
b.Circumstances occur, which are specified in the deed for terminating it.

Insolvency

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Service	Details	Cost
Application for Registration of Insolvency Practitioner	Requirements • Application Form- Form 1-Insolvency Practitioners Regulations, 2017 Supported by • Certiﬁed copies of the qualiﬁcations of the person • Proof of membership of the professional body. • Evidence of the professional indemnity •Evidence of a bank account for insolvency matters. •Proof of payment of fees • Any other document that the oﬃcial receiver may require for purposes of compliance with the Act and Regulations	150,000
Application for Registration of Insolvency Practitioner	Communication of decision on the application
Filing Annual Returns by Insolvency Practitioner	Annual Returns for Insolvency Practitioners – Form 3 of Insolvency Practitioners Regulations, 2017	50,000
Search on Register	Application to search on Insolvency Practitioners Register	20,000

Investigation and Prosecution
Service	Details	Cost
Investigation of Conduct of Insolvency Practitioners; Directors, Shareholders, Contributories of Insolvent Companies; Promotion, Formation, Failure and Conduct of Business of Insolvent Company	A complaint, shall specify the: – • names and physical address of the person against whom the complaint is made; • names and address of the complainant; • material particulars of complaint or allegation; • capacity of the person ﬁling a complaint and • time that the action arose The Investigation report shall be made available within 60 days from the date of commencement of the investigation or at such a time as determined by the Oﬃcial Receiver.

Winding Up of Companies
Service	Statutory Requirements	Cost (Ugx)
Members Voluntary Winding Up	This is a procedure for solvent companies initiated by the company’s members and involves the orderly winding-up of the company’s aﬀairs, the appointment of a liquidator to manage the process of realizing the company’s assets, ceasing or sale of its operations, payment of its debts (if any) and distribution of surplus assets (if any) among its members.
	Filing and Registration of Statutory Declaration of Solvency supported by Statement of Assets and Liabilities (Form 20 Insolvency Regulations,2013)	50,000
	Registration of Special Resolution for winding up and appointment of a liquidator	20,000
	Within 14 days give public notice of special resolution to wind up and appointment of liquidator in the gazette and Newspaper	Fees determined by UPPC and Newspaper of choice
	Filing of copies of public notice of the special resolution of winding up and appointment of Liquidator.	Free
	Filing of any report required to be ﬁled under the Act- Preliminary Report, Interim Report and Final Report	20,000
Creditors Voluntary Winding Up	It is a procedure, instigated by an insolvent company, by which the assets of the insolvent company are sold, and the proceeds are distributed to the company’s creditors. At the end of the liquidation, the company is dissolved. The process is managed by a liquidator. A company goes into CVL after its directors realize that its liabilities exceed its assets or it cannot pay its debts as they fall due and so the company cannot carry on its business.
	Cause a meeting of the creditors of the company on the same day as the meeting for the resolution for Liquidation is to be proposed or on the following day.
	Notice for the meeting of the creditors to be advertised in the gazette and newspaper of wide circulation.	Fees determined by UPPC and Newspaper of choice
	File copy of the notice in the gazette and newspaper.	Free
	Registration of Special Resolution for winding up and appointment of a liquidator	20,000
	Within 14 days give public notice of special resolution to wind up and appointment of liquidator in the gazette and Newspaper	Fees determined by UPPC and Newspaper of choice
	Filing of a copy of public notice of the special resolution of winding up and appointment of Liquidator.	Free
	Filing of any report required to be ﬁled under the Act- Preliminary Report, Interim Report and Final Report	20,000

Corporate Rescue
a) RECEIVERSHIP
Service	Statutory Requirements	Cost (Ugx)
Receivership	Registration of Notice of appointment of a receiver. Form 12 of Schedule 1 of Insolvency Regulations. *An appointed receiver should be a qualiﬁed insolvency practitioner.	20,000
	Within 14 days give public notice in the gazette and Newspaper	Fees determined by UPPC and Newspaper of choice
	Filing of copy of Public Notice of Receivership and Appointment of receiver	Free
	Filing of any report by the receiver (Filed within 5 days after preparation)	20,000

b) ADMINISTRATION
Service	Statutory Requirements	Cost (Ugx)
Administration	Filing and registration of special Resolution agreeing that the company needs to make a settlement with the company creditors	20,000
	Filing and registration of special Resolution appointing a provisional Administrator. *An appointed provisional administrator should be a qualiﬁed insolvency practitioner	20,000
	Notice of appointment of provisional administrator Form 12 of Schedule 1 of Insolvency Regulations	20,000
	Filing of any report by the administrator every six months during the administration period.	20,000

SCHEDULE OF FEES
Insolvency Fees (Amendment) Regulations, 2024
FEES	Fee (Ug. Shs)
On the ﬁling of an order of public examination	25,000
Where the Oﬃcial Receiver acts as a provisional liquidator or provisional administrator.	2,000,000 for every 30 days
Where the Oﬃcial Receiver acts as a liquidator, administrator or receiver of an insolvent company.
	2,000,000 for every 30 days
Where the Oﬃcial Receiver acts as an interim receiver, trustee, special manager or supervisor of an individual debtor.
	2,000,000 for every 30 days
Fees for registration of an insolvency practitioner	155,000
Filing annual returns by an insolvency practitioner	55,000
Filing statement of aﬀairs for company	35,000
Filing a list of contributories	35,000
Filing with the Oﬃcial Receiver any report required to be ﬁled under the Act	55,000
Where the Oﬃcial Receiver acts as an agent of a reciprocating state
	2,000,000 for every 30 days
Search in the insolvency practitioners register	35,000