Browse an Act, find a provision and read each section in context.
Browse Acts ↓(1) The functions of the liquidator of a company that is being liquidated by the Court are— (a) to ensure that the assets of the company are realised and distributed to the company's creditors; and (b) if there is a surplus, to distribute the surplus to the persons entitled to it. (2) If the liquida…
When— (a) a liquidation order has been made; or (b) a provisional liquidator has been appointed, in respect of a company, the liquidator or the provisional liquidator shall assume control of all the property to which the company is or appears to be entitled.
(1) When a company is being liquidated by the Court, the Court may, on the application of the liquidator, by order direct all or any part of the property belonging to the company or held by trustees on its behalf to vest in the liquidator in that capacity. (2) On the making of such an order, the pro…
(1) If, in the case of a company that is being liquidated by the Court, the liquidator (not being the Official Receiver) is satisfied that the liquidation of the company is for all practical purposes complete, the liquidator shall convene a final general meeting of the company's creditors. (2) At th…
(1) On the application of the liquidator, the Official Receiver or any creditor or contributory, and on proof to the satisfaction of the Court that all proceedings in the liquidation ought to be stayed, the Court may, at any time after an order for liquidation is made, make an order staying the proc…
(1) As soon as practicable after making a liquidation order, the Court shall— (a) settle a list of contributories, with power to rectify the register of members in all cases in which rectification is required; and (b) take all practicable steps to have the company's assets collected, and applied in…
(1) At any time after making a liquidation order, the Court may make an order in respect of any contributory who is for the time being on the list of contributories requiring the contributory to pay, in accordance with the order, an amount due from the contributory (or from the estate of the person…
(1) At any time after making a liquidation order, and either before or after the Court has ascertained the sufficiency of the company's assets, it may— (a) make calls on all or any of the contributories for the time being settled on the list of the contributories (to the extent of their liability) f…
(1) The Court may order any contributory, purchaser or other person from whom money is due to the company to pay the amount due into the Central Bank of Kenya to the account of the liquidator instead of to the liquidator. (2) Such an order may be enforced in the same manner as if it had directed pay…
(1) An order made by the Court on a contributory is conclusive evidence that any money appearing to be due or ordered to be paid by the contributory is due. (2) Subsection (1) is subject to the exercise of any available right of appeal. (3) All other pertinent matters stated in the order are to be t…
The Court may fix deadlines by which creditors are required to prove their debts or claims or are to be excluded from the benefit of any distribution made before those debts are proved.
The Court shall adjust the rights of the contributories among themselves and distribute any surplus among the persons entitled to it.
(1) At any time after making a liquidation order, the Court may make such order for inspection of the company's records by creditors and contributories as the Court considers appropriate. (2) The creditors and contributories of the company are entitled to inspect all records in the company's possess…
(1) If the assets of a company are insufficient to satisfy its liabilities, the Court may— (a) make an order for the expenses incurred in the liquidation to be paid out of the company's assets; and (b) direct that that payment be given such of priority as the Court considers appropriate. (2) An orde…
(1) If, at any time either before or after making a liquidation order, the Court is satisfied on reasonable grounds that a contributory is— (a) about to leave Kenya or otherwise to abscond; or (b) has concealed or removed, or is about to conceal or remove, any of the contributory's property for the…
Powers conferred on the Court by this Part are in addition to any existing powers to bring legal proceedings against a contributory or debtor of the company, or the assets of a contributory or debtor, for the recovery of calls or other amounts.
(1) The insolvency regulations may enable or require all or any of the functions imposed or powers conferred on the Court with respect to the matters specified in subsection (2) to be performed or exercised by the liquidator as an officer of the Court and in accordance with its directions. (2) The f…
(1) The liquidator of a company is in all documents and communications relating to the liquidation of the company to be referred to— (a) if a person other than the Official Receiver is liquidator, as "the liquidator" of the company; or (b) if the Official Receiver is liquidator, as "the Official Rec…
A person who gives, or agrees or offers to give, to any member or creditor of a company any valuable consideration with a view to obtaining the person's own appointment or nomination, or to obtaining or preventing the appointment or nomination of some other person, as the company's liquidator commit…
(1) This section has effect if a company is in voluntary liquidation, but subject to section 463 (liquidator's functions, creditors' voluntary liquidation) in the case of a creditor's voluntary liquidation. (2) The liquidator may— (a) in the case of a members' voluntary liquidation, with the approva…
(1) If, in the case of a creditors' voluntary liquidation, a liquidator has been nominated by the company, the powers conferred on the liquidator by section 462 may not be exercised, except with the sanction of the Court, during the period before the holding of the creditors' meeting under section 4…
(1) If a company is being liquidated by the Court, the liquidator may— (a) with the approval of the Court or the liquidation committee (if there is one), exercise any of the powers specified in Parts 1 and 2 of the Third Schedule; and (b) with or without that approval, exercise any of the general po…
(1) If a company is being liquidated by the Court, the liquidator may convene general meetings of the creditors or contributories for the purpose of ascertaining their wishes. (2) The liquidator shall convene meetings at such times on such dates as the creditors or contributories by resolution (eith…
(1) If a liquidator has— (a) in lodging, delivering or making a return, account or other document— (i) failed to prepare, make or lodge a return, account or other document as required by a provision of this Part; or (ii) failed to give, publish or lodge a notice as required by such a provision; or (…
(1) This section applies to the removal from office and vacation of office of the liquidator of a company that is in voluntary liquidation. (2) Subject to subsection (2), a liquidator may be removed from office only by an order of the Court or— (a) in the case of a members' voluntary liquidation, by…
(1) This section applies with respect to the removal from office and vacation of office of— (a) the liquidator of a company that being liquidated by the Court; or (b) a provisional liquidator. (2) A liquidator may be removed from office only— (a) by an order of the Court; or (b) by a general meeting…
(1) This section applies with respect to the release of the liquidator of a company that is in voluntary liquidation. (2) A person who has ceased to be a liquidator is entitled to be released from the liquidator's obligations with respect to the company with effect from the following time— (a) in th…
(1) This section applies with respect to the release of the liquidator of a company that is in liquidation by the Court, or of a provisional liquidator. (2) On ceasing to be liquidator and being succeeded by another person as liquidator, the Official Receiver is released from the responsibilities a…
(1) The liquidator of a company that is in liquidation shall distribute the assets of the company available for the payment of creditors in accordance with the Second Schedule. (2) Subsection (1) is subject to the provisions of this Part.
(1) This section applies to a company that is being liquidated by the Court. (2) If a person (whether or not a landlord or person entitled to rent) has distrained on the property of the company during the three months immediately preceding the date of the liquidation order, that property, or the pro…