Problematic of liquidation and dissolution of companies under rwandan law: case study of Rwandatel

I.4.1.1.3. other laws

There are other laws that provide articles about dissolution and liquidation of companies but specially the laws that govern the supervisory bodies of companies. Her below, there are three of them which are:

1. Law No. 007/2008 of 08/04/2008 concerning organization of Banks.

2. Law No. 14/2010 of 07/05/2010 modifying and complementing Law No. 07/2010 of 27/04/2009 relating to Companies.

3. Organic law No. 06/2012 of 14/09.2012 determining the organization, functioning and jurisdiction of commercial courts.

There are laws from National Bank of Rwanda as it has the mandate to supervise the financial sector. The first objective is to maintain financial system stability with a view to encouraging and promoting the development of the productive resources of Rwanda^72(*).

The second objective is to promote the access to finance whilst strengthening a stable and sound financial system. This objective is achieved through the following activities:

·  Licensing of banks, insurers, pensions schemes, microfinance institutions, forex bureaus, and credit reference bureaus^73(*).

· Strengthened supervisory legal framework including both onsite and offsite surveillance tools for banks, insurers, pensions schemes, microfinance institutions, forex bureaus and credit reference bureaus to ensure that they comply with all the relevant laws, regulations, directives, guidelines and prudential benchmarks.^74(*)

· Adoption of Risk Based Supervision framework.

Here below, the researcher is going to demonstrate some articles that show where the competence of the NBR comes from.

Law No. 14/2010 of 07/05/2010 modifying and complementing Law No. 07/2010 of 27/04/2009 relating to Companies in its chapter two provides about the role of the Central Bank whereby its article 3 states that it has the supervisory and regulatory role.^75(*) From the section six up to ninth, it provides that it

· takes measures to protect the interests of customers;

· imposes penalties for contravention of this Law, regulations and instructions;

· requires the submission of reports and other information to the Central Bank;

· conducts inspections and technical audits

We consider that from this, the NBR has full competency to regulate and supervise other banks in their daily works and financial institutions in the interests of customers.

Law No. 007/2008 of 08/04/2008 concerning organization of Banks, in its chapter vii states that the Central Bank has the powers to authorize voluntary liquidation of banks operating in Rwanda. In addition it can order the forced liquidation as it is stated in article 92 of the above said law. All in all from article 88 up to 117, the law provides the procedure of liquidation of banks.^75(*)

Also, Organic law No. 6/12 of 14/09/2012 determining the organization, functioning and jurisdiction of commercial courts in its article 2, states that it has jurisdiction over disputes related to liquidation, dissolution and recovery of business firms facing bankruptcy. ^76(*)

* ⁷² NBR, About supervision, http://www.bnr.rw/index.php?id=138, last accessed May 14, 2014

* ⁷³Ibid.

* ⁷⁴ NBR, About supervision, http://www.bnr.rw/index.php?id=138, last accessed May 14, 2014

* ⁷⁵ Law No. 14/2010 of 07/05/2010 modifying and complementing Law No. 07/2010 of 27/04/2009 relating to Companies, art.3, OG N. special of 14/05/2010.

* ⁷⁵Law No. 007/2008 of 08/04/2008 concerning organization of Banks, art.92.

* ⁷⁶ Organic law No. 6/2012 of 14/09/2012 determining the organization, functioning and jurisdiction of commercial courts, art.3, OG N. 45 of 5/11/2012.