Editor,

RE: "Banking sector needs 'corporate rescue culture'” (The New Times, September 8).

This is a very interesting discussion which could not have come at a better time. Banks and other players must be in position to take action. Rwanda’s insolvency law was reviewed in 2015 and it requires that the most important role of an administrator is to rescue the company.

Raymond Gatera

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Editor,

That is why we wrote our recommendations. We advised on the insolvency law for Rwanda which led to the change where, first, an attempt needs to be made to rescue the company. However, in our opinion, there is not enough experience (not only in the banking sector, but also with other insolvency professionals) in Rwanda.

We based this on our three-week insolvency and turnaround training programme we had in Kigali last year (summer 2015). Turnaround management (changing a company to ensure a profitable future) needs to be part of every professionals’ "toolkit”.

Arnoud Griffioen