Section 581 of Insolvency Act CAP 53: Company under administration not to perform management functions without administrator's consent

    

(1) A company under administration, or an officer of a company under administration, shall not perform or exercise a management function without the consent of the administrator.
(2) For the purpose of subsection (1)—
(a) "management function" means a function or power that could be performed or exercised so as to interfere with the exercise of the administrator' s functions; and (b) consent may be general or specific.
(3) A company that contravenes subsection (1) commits an offence and on conviction is liable to a fine not exceeding one million shillings.
(4) An officer of a company who contravenes subsection (1) commits an offence commits an offence and on conviction is liable to a fine not exceeding five hundred thousand shillings or to imprisonment for a term not exceeding six months, or to both.


Disclaimer: This document is not to be taken as legal advise.

Enhance Your Research with Bookmarks and Annotations

Here's how you can use these features:

  • To bookmark this page, click the "Bookmark this Page" button below the document title.
  • To add an annotation, highlight text in the document and select "Add Annotation" from the toolbar that appears.
  • These features are great for organizing your research and keeping track of key information.
  • You can view and manage your bookmarks and annotations on your Bookmarks and Annotations page.

Cited By:



More Sections