Insolvency Act CAP 53▤
Restrictions on disposal of property and making payments by company
(1) Subject to subsection (2), a company in respect of which a moratorium has effect may dispose of any of its property only if— (…
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727 results · Insolvency Act CAP 53
Insolvency Act CAP 53▤
Restrictions on company obtaining credit during moratorium
(1) A company in respect of which a moratorium has effect may not obtain credit exceeding twentyfive thousand shillings from a per…
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Insolvency Act CAP 53▤
Company invoices and other documents to state monitor's name and that moratorium has effect
(1) A company in respect of which a moratorium has effect shall ensure that every invoice, order for goods or services, business l…
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Insolvency Act CAP 53▤
Application of sections 653 to 657 to company in respect of which a moratorium has effect
(1) Sections 653 to 657 apply to a company in respect of which a moratorium currently has effect. (2) The fact that a company ente…
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Insolvency Act CAP 53▤
Security not to be enforced unless it would benefit the company
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 tim…
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Insolvency Act CAP 53▤
Effect of moratorium on creditors and others
(1) While a moratorium has effect in respect of a company— (a) an application for liquidation of the company may not be made; (b)…
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Insolvency Act CAP 53▤
Notification of end of moratorium to be given by monitor
(1) Within fourteen days after a moratorium has come to an end, the monitor shall— (a) publish— (i) once in the Gazette; (ii) once…
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Insolvency Act CAP 53▤
Duty of monitor to publish and give notice that moratorium has taken effect
(1) As soon as practicable after being notified that a moratorium has taken effect, the monitor shall— (a) publish— (i) once in th…
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Insolvency Act CAP 53▤
What happens when moratorium takes effect
(1) When a moratorium takes effect in respect of a company, the directors of the company shall immediately give notice of that fac…
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Insolvency Act CAP 53▤
Duration of moratorium
(1) A moratorium takes effect when the documents specified in section 644(1) are lodged with the Court. (2) A moratorium ends afte…
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Insolvency Act CAP 53▤
What directors have to do to obtain moratorium
(1) To obtain a moratorium, the directors of a company shall lodge with the Court— (a) the documents referred to in section 643(2)…
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Insolvency Act CAP 53▤
What steps company's directors have to take to obtain a moratorium
(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—…
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Insolvency Act CAP 53▤
Certain projects companies ineligible
(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…
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Insolvency Act CAP 53▤
Companies under administration, etc., ineligible to obtain moratorium
(1) The following companies are also ineligible companies for the purpose of section 638— (a) a company that is under administrati…
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Insolvency Act CAP 53▤
Banking and insurance companies ineligible to obtain moratorium
The following companies are ineligible companies for the purposes of section 638: (a) a company that holds a licence granted under…
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Insolvency Act CAP 53▤
Eligible companies
A company is eligible to obtain a moratorium if it— (a) complies with such requirements (if any) as may be prescribed by the insol…
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Insolvency Act CAP 53▤
Application of Part 2
This Division has effect with respect to— (a) companies eligible for a moratorium; (b) the procedure for obtaining such a moratori…
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Insolvency Act CAP 53▤
Interpretation: Part 2
(1) In this Part— "agreement" includes an agreement or undertaking effected by contract, deed or any other document intended to ha…
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Insolvency Act CAP 53▤
When voluntary arrangement comes to an end prematurely
For the purposes of this Division, a voluntary arrangement the approval of which has taken effect under section 630(1) ends premat…
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Insolvency Act CAP 53▤
Prosecution of delinquent officers of company
(1) This section applies if— (a) a moratorium under has been obtained for a company under this Division; or (b) the approval of a…
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Insolvency Act CAP 53▤
Implementation of approved voluntary arrangement
(1) When a proposal takes effect as a voluntary arrangement, the supervisor becomes responsible for implementing the arrangement i…
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Insolvency Act CAP 53▤
Offences involving false representations and fraudulent acts by company officers
(1) An officer of a company who— (a) makes a false representation for the purpose of obtaining the approval of the members or cred…
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Insolvency Act CAP 53▤
Certain persons may challenge decisions relating to approved voluntary arrangement by making application to the Court
(1) The following persons may make an application to the Court for an order under this section— (a) a person who was entitled to v…
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Insolvency Act CAP 53▤
Approved proposal to take effect as voluntary arrangement and to be binding on company and its creditors
(1) A directors' proposal (with or without modifications) takes effect as a voluntary arrangement by the company on the day after…
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