Browse an Act, find a provision and read each section in context.
Browse Acts ↓(1) This section applies to a transaction between a person and the bankrupt in relation to property that the bankrupt has acquired, or that has passed to the bankrupt, after the bankruptcy has commenced. (2) The transaction is valid as against the bankruptcy trustee if— (a) the person concerned deal…
If a bankrupt acquires property, or property passes to a bankrupt, after the bankruptcy has commenced, an execution or attachment against the property is valid as against the bankruptcy trustee if it— (a) is made in good faith; (b) is made in respect of a debt or liability incurred by the bankrupt a…
For the purposes of sections 109 and 115— (a) an execution against goods is completed by seizure and sale; (b) an attachment of a debt is completed by receipt of the debt; and (c) an execution against land is completed by sale or, in the case of an equitable interest, by the appointment of a receive…
If the bankruptcy trustee's interest in property is acquired by or passes to a bankrupt after bankruptcy has commenced— (a) the bankruptcy trustee's interest in the property ends; and (b) that interest passes in the manner, and to the extent necessary, to give effect to a transaction, execution, or…
(1) The bankruptcy trustee may disclaim onerous property, subject to section 121. (2) Subsection (1) applies even if the bankruptcy trustee has taken possession of the property, tried to sell it, or otherwise exercised rights of ownership in relation to it. (3) Within fourteen days after the disclai…
A disclaimer by the bankruptcy trustee— (a) terminates, on and from the date of the disclaimer, the rights, interests, and liabilities of the bankruptcy trustee and the bankrupt in relation to the property disclaimed; and (b) does not affect the rights, interests, or liabilities of any other person,…
(1) A person who sustains loss or damage as a result of disclaimer by the bankruptcy trustee may— (a) claim as a creditor in the bankruptcy for the amount of the loss or damage, taking account of the effect of an order made by the Court under paragraph (b); or (b) apply to the Court for an order tha…
The bankruptcy trustee loses the right to disclaim onerous property if— (a) a person whose rights would be affected by the disclaimer has sent the bankruptcy trustee a notice requiring the bankruptcy trustee to elect whether to disclaim that property; (b) the notice specifies a deadline for the disc…
(1) If land disclaimed by the bankruptcy trustee is subject to a rentcharge, the vesting of that land in any other person (including the State), or the person's successors in title, does not make any of them personally liable for the rentcharge. (2) Subsection (1) does not affect the liability of a…
(1) This section applies to an interest in land that— (a) is owned by the bankrupt; (b) is subject to a mortgage or a charge; and (c) is not disclaimed by the bankruptcy trustee. (2) The bankruptcy trustee shall— (a) arrange for the transmission of the interest in the land to the bankruptcy trustee…
(1) The bankruptcy trustee cannot, after the bankrupt's discharge, claim an interest in land to which section 123(1) applies and for which the bankruptcy trustee has not registered a transmission if the bankrupt— (a) was in possession of the interest when the bankruptcy commenced; and (b) remained i…
(1) The bankruptcy trustee may transfer the following property belonging to the bankrupt in the same way as the bankrupt could have transferred it but for the bankruptcy— (a) securities of a company; (b) securities of the Government of Kenya; (c) securities issued by a local authority; (d) shares in…
A bankruptcy trustee may disclaim any liability under shares owned by the bankrupt in any company by disclaiming the shares as onerous property under section 118, but sections 120 and section 121 do not apply to a disclaimer of liability under shares.
(1) The bankruptcy trustee may disclaim a liability under shares owned by the bankrupt in a company by disclaiming them as onerous property in accordance with section 118. (2) Neither section 120 nor section 121 applies to a disclaimer of liability under shares.
The bankruptcy trustee loses the right to disclaim liability under shares if— (a) the company or a person who has an interest in the shares has sent the bankruptcy trustee a notice requiring that trustee to elect whether to disclaim liability under the shares; (b) the notice specifies a deadline for…
(1) After disclaimer, the bankruptcy trustee may, subject to any other written law and to the company's constitution, transfer the relevant shares to any person who has an interest in them. (2) If that person refuses to accept the transfer, or if no person has an interest in them, the bankruptcy tru…
(1) This section applies if the bankruptcy trustee has disclaimed liability under shares and the company is not in liquidation. (2) The company may prove in the bankruptcy for— (a) the amount of unpaid calls made before the bankruptcy commenced in respect of the bankrupt's shares; and (b) the value…
In this Division— "cash price", in relation to a sale of goods, means— (a) the lowest price at which a person could have bought those goods from the creditor on the basis of payment in full at the time the sale was made; or (b) if there is no such price, the fair market value of those goods at the t…
(1) If a bankrupt acquired goods under a credit purchase transaction before the bankruptcy commenced and the creditor either— (a) took possession of the goods within the twenty-one days immediately before the time when the bankruptcy commenced, and after that time still possesses them; or (b) takes…
(1) In the case of goods to which section 131 applies, the bankruptcy trustee may— (a) within the thirty-day period referred to in that section, exercise any right conferred by any relevant written law to introduce a buyer for the goods; or (b) at any time before the creditor sells or agrees to sell…
(1) A creditor may prove in a bankruptcy for the amount (not exceeding that limited by any relevant written law) that the creditor was entitled to recover from the bankrupt as a debtor if— (a) the creditor has taken possession of consumer goods purchased under a credit purchase transaction (whether…
If— (a) the bankrupt purchased goods under a credit purchase transaction before the time the bankruptcy commenced; and (b) at that time the creditor either— (i) has not taken possession of the goods; or (ii) has taken possession of them and has not sold or disposed of, or parted with possession of t…
(1) This section applies to and in respect of a bankrupt who, before discharge, is adjudged bankrupt for a second time. (2) Property that is acquired by, or has passed to, the bankrupt since the first bankruptcy (including property acquired or that has passed since the second bankruptcy) vests in th…
(1) This section applies if the bankruptcy trustee in respect of a bankrupt's estate receives notice that a creditor has lodged an application for another bankruptcy. (2) The bankruptcy trustee shall hold property in that trustee's possession that has been acquired by, or passed to, the bankrupt sin…
If two or more persons are adjudged bankrupt jointly, the bankruptcy trustee shall keep distinct accounts in respect of— (a) the joint estate; and (b) the separate estate of each bankrupt.
(1) When two or more persons have been adjudged bankrupt jointly, the bankruptcy trustee shall first apply— (a) the joint estate to the debts due by the bankrupts jointly; and (b) the separate estate of each bankrupt to the debts of that bankrupt. (2) The bankruptcy trustee shall then— (a) apply any…
(1) A bankrupt shall, to the best of the bankrupt's ability, assist in the realisation of the bankrupt's property and the distribution of the proceeds among the creditors. (2) The duty imposed by subsection (1) is in addition to any other duty imposed on the bankrupt by this Act or by any other writ…
(1) As soon as practicable after acquisition, the bankrupt shall notify the bankruptcy trustee of any property that— (a) was acquired by, or passed to, the bankrupt before discharge; and (b) is divisible among the creditors. (2) A bankrupt who, without reasonable excuse, fails to comply with subsect…
(1) On demand by the bankruptcy trustee, the bankrupt shall deliver to the bankruptcy trustee, or to a person authorised by the bankruptcy trustee to receive it, all of the bankrupt's property that— (a) is divisible among the creditors; and (b) is under the bankrupt's control. (2) On demand by the b…
(1) If— (a) any property consisting of an interest in a dwelling house that is occupied by the bankrupt or by the bankrupt's spouse or former spouse is comprised in the bankrupt's estate; and (b) the bankruptcy trustee is, for any reason, unable for the time being to realise that property, that trus…