- Section 474 of Insolvency Act CAP 53: Share of assets to be made available for unsecured creditors where floating charge relates to company's property
(1) This section applies to a company in respect of which a floating charge relates to its property—
(a) if the company is in liquidation or under administration; or (b) if a provisional liquidator is appointed in respect of it.
(2) If this section applies to a company, the liquidator,...
- Section 475 of Insolvency Act CAP 53: Power of the Court to appoint special manager of company's business or property when company is in liquidation or provisional liquidator appointed
(1) If a company is in liquidation or a provisional liquidator is appointed in respect of the company, the Court may, on an application made under subsection (2), appoint a person to be the special manager of the business or property of the company.
(2) An application to the Court to appoint a...
- Section 476 of Insolvency Act CAP 53: Power of liquidator to disclaim onerous property
(1) The liquidator may, by the giving such notice as is prescribed by the insolvency regulations, disclaim any onerous property and may do so even if the liquidator has taken control of it, tries to sell it, or otherwise exercised rights of ownership in relation to it.
(2) The following is onerous...
- Section 477 of Insolvency Act CAP 53: Special provisions relating to disclaimer of leaseholds
(1) The disclaimer under section 476 of any property comprising a leasehold interest does not take effect unless a copy of the disclaimer has been served on every person claiming under the company as under-lessee or mortgagee whose address is known to the liquidator and either—
(a) an application...
- Section 478 of Insolvency Act CAP 53: Effect of disclaimer in relation to land subject to rentcharge
(1) If, as a result of the disclaimer under section 476 of land subject to a rentcharge, the land vests by operation of law in a person, the person is not subject to any liability in respect of amounts becoming due under the rentcharge except amounts that become due after the proprietor, or some...
- Section 479 of Insolvency Act CAP 53: General powers of the Court in respect of disclaimed property
(1) This section and section 480 apply to property that the liquidator has disclaimed in accordance with section 476.
(2) An application to the Court for an order under subsection (3) may be made by—
(a) any person who claims an interest in the disclaimed property; or
(b) any person who is under...
- Section 480 of Insolvency Act CAP 53: Powers of the Court in respect of leaseholds held by company in liquidation
(1) The Court may not make an order under section 479 vesting a leasehold interest in a person claiming under the company as underlessee or mortgagee except on terms making the person—
(a) subject to the same liabilities and obligations as the company was subject to under the lease at the...
- Section 481 of Insolvency Act CAP 53: Creditor not entitled to retain benefit of execution or attachment against liquidator unless creditor completes execution or attachment before commencement of liquidation
(1) If—
(a) a creditor—
(i) has issued execution against the goods or land of a company; or
(ii) has attached any debt due to it; and
(b) the company is subsequently liquidated, the creditor is not entitled to retain the benefit of the execution or attachment against the liquidator unless the...
- Section 482 of Insolvency Act CAP 53: Duties of judicial enforcement officers charged with execution of writs and other processes involving companies in liquidation
(1) This section applies if—
(a) a company's goods are taken in execution; and
(b) before their sale or the completion of the execution (whether by the receipt or recovery of the full amount of the levy), notice is served on the judicial enforcement officer charged with execution of the writ or...
- Section 483 of Insolvency Act CAP 53: Power of the Court to rescind contracts entered into by company in liquidation
(1) A person who is, as against the liquidator, entitled to the benefit or subject to the burden of a contract made with the company, may make an application for an order under subsection (2).
(2) On the hearing of an application made under subsection (1), the Court may make an order rescinding the...
- Section 484 of Insolvency Act CAP 53: Power of liquidator to transfer assets of company to its employees
(1) On the liquidation of a company (whether by the Court or voluntarily), the liquidator may, in accordance with this section, make any payment that the company has, before the commencement of the liquidation, decided to make under the Companies Act (Cap. 486) to employees or former employees on...
- Section 485 of Insolvency Act CAP 53: Company in liquidation required to state that it is in liquidation in all invoices, letters and other communications
(1) A company that is in liquidation shall ensure that the following documents state that the company is in liquidation:
(a) every invoice, order for goods or services, business letter or order form (whether in hard copy, electronic or any other form) issued by or on behalf of the company, or a...
- Section 486 of Insolvency Act CAP 53: Interest on debts to be paid if surplus permits
(1) In a company liquidation, interest is payable in accordance with this section on any debt proved in the liquidation, including so much of any such debt as represents interest on the remainder.
(2) The liquidator shall, before applying any surplus remaining after the payment of the debts proved...
- Section 487 of Insolvency Act CAP 53: Certain documents relating to company in liquidation to be exempt from stamp duty
(1) If a company is in liquidation, the following documents are exempt from stamp duty—
(a) every transfer relating solely to freehold or leasehold property, or to any interest in, any real or movable property, that forms part of the company's assets and that, after the execution of the transfer,...
- Section 488 of Insolvency Act CAP 53: Records of company in liquidation to be evidence
When a company is in liquidation, all records of the company and of the liquidator are (as between the contributories of the company) evidence of the truth of all matters purporting to be recorded in them, until the contrary is proved.
- Section 489 of Insolvency Act CAP 53: Liquidator to lodge periodic statements with Registrar of Companies with respect to current position of liquidation
(1) If the liquidation of a company is not completed within twelve months after its commencement, the liquidator shall, at such intervals as are prescribed by the insolvency regulations and until the liquidation is completed, lodge with the Registrar a statement containing the particulars so...
- Section 490 of Insolvency Act CAP 53: Effect of resolutions passed at adjourned meetings of company's creditors and contributories
If a resolution is passed at an adjourned meeting of a company's creditors or contributories, the resolution is for all purposes taken to have been passed on the date on which it was in fact passed, and not as having been passed on any earlier date.
- Section 491 of Insolvency Act CAP 53: Court may order meetings to be held to ascertain wishes of creditors or contributories
(1) The Court may—
(a) as to all matters relating to the liquidation of a company, have regard to the wishes of the creditors or contributories (as proved to it by any sufficient evidence); and (b) if it considers appropriate, for the purpose of ascertaining those wishes—
(i) direct meetings of...
- Section 492 of Insolvency Act CAP 53: Judicial notice to be taken of documents of the Court
In all proceedings under this Part, all courts and tribunals, all judges and persons acting judicially, and all officers of a court or tribunal, or employed in enforcing the process of a court or tribunal, are required to take judicial notice of—
(a) the signature of an officer of the High Court;...
- Section 493 of Insolvency Act CAP 53: Affidavits required to be sworn for purposes of this Part
(1) An affidavit required to be sworn under or for the purposes of this Part may be sworn in Kenya—
(a) before any court, tribunal, judge or person lawfully authorised to take and receive affidavits; or
(b) before any diplomat representing the Government of Kenya in any place outside...
- Section 494 of Insolvency Act CAP 53: Dissolution (voluntary liquidation)
(1) This section applies to a company in voluntary liquidation if the liquidator has sent to the Registrar the liquidator's final account and return in accordance with section 402 or 414.
(2) As soon as practicable after receiving the account and return, the Registrar shall register them.
(3) At...
- Section 495 of Insolvency Act CAP 53: Early dissolution of company
(1) This section applies when an order for the liquidation of a company has been made by the Court and the Official Receiver is the liquidator of the company.
(2) On being satisfied—
(a) that the realisable assets of the company are insufficient to cover the expenses of the liquidation;...
- Section 496 of Insolvency Act CAP 53: Consequence of notice given under section 495(3)
(1) If a notice has been given in accordance with section 495(3), the Official Receiver or any creditor or contributory of the company may apply to the Court for directions under this section.
(2) The grounds on which such an application may be made are—
(a) that the realisable assets of the...
- Section 497 of Insolvency Act CAP 53: Dissolution otherwise than under sections 494 - 496
(1) This section applies to a notice that is—
(a) served for the purposes of section 468(9); or
(b) from the Official Receiver that the liquidation of a company by the Court is complete.
(2) As soon as practicable after such a notice is lodged for registration, the Registrar shall register...
- Section 498 of Insolvency Act CAP 53: Offence involving commission of fraudulent acts in anticipation of liquidation
(1) This section applies in relation to a company—
(a) in respect of which the Court has made a liquidation order; or
(b) that has passed a resolution for the voluntary liquidation of the company.
(2) An officer or former officer of the company commits an offence if, within the twelve months...
- Section 499 of Insolvency Act CAP 53: Offence involving misconduct committed in course of liquidation of company
(1) This section applies in relation to a company—
(a) in respect of which the Court has made a liquidation order; or
(b) that has passed a resolution for the voluntary liquidation of the company.
(2) An officer or former officer of the company commits an offence if the officer or former...
- Section 500 of Insolvency Act CAP 53: Offences involving transactions to defraud creditors of company in liquidation
(1) This section applies in relation to a company that is in liquidation, whether voluntary or by the Court.
(2) An officer or former officer of the company commits an offence if the officer or former officer—
(a) does not to the best of the officer's or former officer's knowledge and belief fully...
- Section 501 of Insolvency Act CAP 53: Offence to falsify documents in relation to company in liquidation
(1) This section applies in relation to a company that is in liquidation, whether voluntary or by the Court.
(2) An officer or contributory of the company commits an offence if, during the liquidation, the officer or contributory, with intent to defraud or deceive the company or any other person—...
- Section 502 of Insolvency Act CAP 53: Offence to make material omission from statement relating to financial position of company in liquidation
(1) This section applies to a company that is in liquidation, whether voluntary or by the Court.
(2) An officer or former officer of the company commits an offence if, during the liquidation, the officer or former officer makes a material omission from a statement relating to the company's...
- Section 503 of Insolvency Act CAP 53: Offence to make false representations to creditors of company in liquidation
(1) This section applies to a company that is in liquidation, whether voluntary or by the Court.
(2) An officer or former officer of the company commits an offence if—
(a) the officer or former officer makes a false representation; or
(b) does any other fraudulent act, for the purpose of...