Section 623 of Insolvency Act CAP 53: Certain specified period can be varied by consent

In this Division— "prescribed publication", in relation to a company, means— (a) a newspaper circulating in the area in which the company carries on business; (b) the company's website (if any);...

(1) The directors of a company may make a proposal under this Division to the company and to its creditors for a voluntary arrangement under which the company enters into a composition in satisfaction...

(1) This section applies if the provisional supervisor in respect of a director's proposal is not the liquidator or administrator of the company and the directors do not propose to take steps to...

(1) If the provisional supervisor appointed under section 625 is not the liquidator or administrator and has reported to the Court that the meetings referred to in section 626(2) should be convened,...

(1) The main purpose of a meeting convened under section 627 is to decide whether to approve the proposal or that proposal with modifications. (2) At the beginning of a creditors' meeting, the...

(1) This section applies to the decisions taken at the meeting of the company and the meeting of the company's creditors held in accordance with section 628 to consider a directors' proposal (with or...

(1) A directors' proposal (with or without modifications) takes effect as a voluntary arrangement by the company on the day after the date on which it is approved by the Court by order made under...

(1) The following persons may make an application to the Court for an order under this section— (a) a person who was entitled to vote at the meeting of the company or the meeting of its...

(1) An officer of a company who— (a) makes a false representation for the purpose of obtaining the approval of the members or creditors of a company to a proposal for a voluntary arrangement;...

(1) When a proposal takes effect as a voluntary arrangement, the supervisor becomes responsible for implementing the arrangement in the interests of the company and its creditors and monitoring...

(1) This section applies if— (a) a moratorium under has been obtained for a company under this Division; or (b) the approval of a voluntary arrangement in relation to a company has taken effect...

For the purposes of this Division, a voluntary arrangement the approval of which has taken effect under section 630(1) ends prematurely if, when it ceases to have effect, it has not been fully...

(1) In this Part— "agreement" includes an agreement or undertaking effected by contract, deed or any other document intended to have effect in accordance with the law of Kenya or another...

This Division has effect with respect to— (a) companies eligible for a moratorium; (b) the procedure for obtaining such a moratorium; (c) the effects of such a moratorium; and (d) deleted by Act No....

A company is eligible to obtain a moratorium if it— (a) complies with such requirements (if any) as may be prescribed by the insolvency regulations; (b) is not declared to be an ineligible company...

The following companies are ineligible companies for the purposes of section 638: (a) a company that holds a licence granted under section 5 of the Banking Act (Cap. 488) authorising it to carry on a...

(1) The following companies are also ineligible companies for the purpose of section 638— (a) a company that is under administration; (b) a company that is in liquidation; (c) a company in respect...

(1) A company is also an ineligible company for the purposes of section 638 if, on the lodgement date, it is a project company of a project that is a public-private partnership project and includes...

(1) Deleted by Act No. 1 of 2021 (2) If the directors of an eligible company wish to obtain a moratorium, they shall— (a) prepare— (i) a document setting out why a moratorium is desirable, which may...

(1) To obtain a moratorium, the directors of a company shall lodge with the Court— (a) the documents referred to in section 643(2)(a); (b) a statement to the effect that the company is eligible for...

(1) A moratorium takes effect when the documents specified in section 644(1) are lodged with the Court. (2) A moratorium ends after thirty days from and including the day on which the moratorium...

(1) When a moratorium takes effect in respect of a company, the directors of the company shall immediately give notice of that fact to the monitor. (2) If subsection (1) is not complied with, each of...

(1) As soon as practicable after being notified that a moratorium has taken effect, the monitor shall— (a) publish— (i) once in the Gazette; (ii) once in at least two newspapers circulating in the...

(1) Within fourteen days after a moratorium has come to an end, the monitor shall— (a) publish— (i) once in the Gazette; (ii) once in at least two newspapers circulating in area in which the company...

(1) While a moratorium has effect in respect of a company— (a) an application for liquidation of the company may not be made; (b) a meeting of the company may be convened or requisitioned— (i) only...

Security given by a company at a time when a moratorium has effect in relation to the company can be enforced only if, at that time, reasonable grounds existed for believing that the security would...

(1) Sections 653 to 657 apply to a company in respect of which a moratorium currently has effect. (2) The fact that a company enters into a transaction in contravention of a provision of sections 653...

(1) A company in respect of which a moratorium has effect shall ensure that every invoice, order for goods or services, business letter or order form (whether in hard copy, electronic or any other...

(1) A company in respect of which a moratorium has effect may not obtain credit exceeding twentyfive thousand shillings from a person who has not been informed that a moratorium has effect in respect...

(1) Subject to subsection (2), a company in respect of which a moratorium has effect may dispose of any of its property only if— (a) there are reasonable grounds for believing that the disposal will...

(1) Subject to subsection (2), a company in respect of which a moratorium has effect may make a payment in respect of a debt or other liability of the company that was in existence before the...

(1) This section applies to— (a) property of the company that is subject to a security; and (b) goods that are in the possession of the company under a credit purchase transaction. (2) A company...

(1) During the moratorium, the monitor is responsible for monitoring the company's activities in order to ascertain whether the company is likely to have sufficient funds available to it during the...

(1) Except with the approval of the Court, a provisional supervisor may withdraw consent to monitor a moratorium only if, during the moratorium— (a) the monitor concludes that the company will not...

(1) Any creditor, director or member of the company, or any other person affected by a moratorium, who is dissatisfied with an act, omission or decision of the monitor during the moratorium may apply...

(1) If there are reasonable grounds for believing that— (a) as a result of any act, omission or decision of the monitor during the moratorium, the company has sustained loss; and (b) the company...

(1) An application may be made to the Court for an order under subsection (2)— (a) if the monitor has failed to comply with any duty imposed on that monitor under this Part or has died, by the...

On the application of the directors, the Court may extend a moratorium for a period of at least thirty days if the Court believes that the extension is desirable in order to achieve the aims for which...

(1) The conditions that may be imposed when a moratorium is extended or further extended include a requirement that the monitor be replaced as such by another authorised insolvency...

(1) If the Court extends, or further extends, the moratorium, the monitor shall within seven days of the order, lodge a copy of the order with the Registrar for registration. (2) Deleted by Act No. 1...

(1) This section applies to and in relation to acts or omissions of the directors of a company during a moratorium. (2) A creditor or member of the company may apply to the Court for an order under...

(1) This section applies to a company in respect of which a moratorium has or had effect. (2) A person who, at any time during the twelve months immediately preceding the date on which the moratorium...

In this Part— "deliver", in relation to documents or other property, includes surrender and transfer; "relevant office-holder" means— (a) in relation to a company under administration, the...

(1) This section applies to a company that is under administration or in liquidation. (2) If a person has control over money, documents or other property to which the company appears to be entitled,...

(1) In this section, “relevant office holder", in relation to a company, also includes the Official Receiver even if not the liquidator. (2) This section applies to the following persons— (a) those...

(1) In this section, "relevant office holder", in relation to a company, includes the Official Receiver even if not the liquidator. (2) On the application of the relevant office-holder, the Court may...

(1) If, after considering the evidence obtained under section 680 or this section, it appears to the Court that a person has control over property of the company, the Court may, on the application of...

(1) This section applies to a company that is under administration or in liquidation. (2) In this section, "relevant time" has the meaning given by section 684. (3) On forming the reasonable belief...

(1) In this section, "relevant time" has the meaning given by section 684. (2) If of the view that a company has at a relevant time given a preference to a person, the relevant office-holder may...

(1) Subject to subsection (3), the time at which a company enters into a transaction at an undervalue is a relevant time if the transaction is entered into at a time— (a) during the two years...