Section 73 of Insolvency Act CAP 53: Bankruptcy trustee’s final statement of receipts and payments
(1) The bankruptcy trustee shall prepare a final statement of receipts and payments that complies with subsection (2)—
(a) as soon as practicable after the distribution of the final dividend has been determined; or
(b) when the whole of the bankrupt's property has been realised, if there are insufficient assets to pay all the proofs of debt.
(2) A final statement of receipts and payments complies with this subsection if it— (a) shows in detail the receipts and payments in respect of the bankrupt's estate; and
(b) can be inspected without fee by any creditor or other person who has an interest in it.
(3) The bankruptcy trustee shall publish the final statement of receipts and payments in the prescribed form, and advertise in the prescribed manner that it has been published.
Enhance Your Research with Bookmarks and Annotations
Here's how you can use these features:
- To bookmark this page, click the "Bookmark this Page" button below the document title.
- To add an annotation, highlight text in the document and select "Add Annotation" from the toolbar that appears.
- These features are great for organizing your research and keeping track of key information.
- You can view and manage your bookmarks and annotations on your Bookmarks and Annotations page.
- Section 74 - Audit of bankruptcy trustee's accounts
(1) If, in relation to a bankruptcy, the Official Receiver is not the bankruptcy trustee, the Official
Receiver may from time to time audit—
(a) the bankruptcy trustee's accounting records for any...
- Section 75 - Removal of bankruptcy trustee and vacation of office
(1) Except as otherwise provided by this section, a bankruptcy trustee appointed in respect of a bankrupt’s estate may be removed from office only by—
(a) an order of the Court; or
(b) a creditor's...
- Section 76 - When Official Receiver is released from obligations as bankruptcy trustee
(1) If a person has been appointed by the Court to replace the Official Receiver on his or her ceasing to hold office as bankruptcy trustee in respect of a bankrupt's estate, the Official Receiver is...
- Section 77 - When bankruptcy trustee, not being the Official Receiver, is released from obligation
(1) This section applies when a person other than the Official Receiver ceases hold office as a bankruptcy trustee.
(2) If the person has been removed from office by a meeting of the bankrupt’s...
- Section 78 - Vacancy in office of bankruptcy trustee
(1) This section applies to a vacancy in the office of bankruptcy trustee that has arisen because—
(a) the appointment of a person as bankruptcy trustee has failed to take effect; or
(b) when such...
- Section 79 - General control of bankrupt trustee by the Court
(1) If, in relation to the bankruptcy trustee in respect of a bankrupt's estate, a person (including the bankrupt or a creditor of the bankrupt) is dissatisfied with any act, omission to act or...
- Section 80 - Liability of bankruptcy trustee for misapplication of money, etc.
(1) Any of the following persons make an application to the Court for an order under this section relating to a bankruptcy trustee's administration of a bankrupt's estate— (a) the Official...
- Section 81 - Kinds of creditors' meetings
There are two kinds of creditors' meetings—
(a) the first meeting of creditors; and (b) subsequent creditors' meetings.
- Section 82 - Subsequent meetings of creditors
(1) The bankruptcy trustee may at any time convene a meeting of creditors after the first meeting of creditors.
(2) The bankruptcy trustee shall convene such a meeting if— (a) requested to do so by a...
- Section 83 - Meeting and resolution not defective for lack of notice
A meeting of creditors convened by notice to creditors, and a resolution passed at the meeting, is valid even if some creditors may not have received the notice, unless the Court orders otherwise.
- Section 84 - Appointment of Chairperson to conduct creditor’s' meetings
(1) The Chairperson of a creditors' meeting is the bankruptcy trustee or a person appointed by the bankruptcy trustee to be the Chairperson.
(2) However, if neither the bankruptcy trustee nor the...
- Section 85 - Power of Chairperson to adjourn creditors' meeting
The Chairperson of a creditors' meeting may adjourn the meeting from time to time and place to place.
- Section 86 - Bankruptcy trustee to report to creditors' meeting
If the bankruptcy trustee attends a creditors' meeting or an adjournment of the meeting, the bankruptcy trustee shall—
(a) report on the administration of the bankrupt's estate;
(b) give any...
- Section 87 - Who can attend creditors' meeting
(1) A person may attend a creditors' meeting—
(a) by being physically present at the time, date and place appointed for the meeting; or
(b) if the bankruptcy trustee makes it available, by means of...
- Section 88 - Bankrupt may be required to attend creditors' meeting and be questioned
(1) The bankrupt shall, if required by the bankruptcy trustee, attend all creditors' meetings by being physically present or present by an audio or audio-visual link.
(2) The following persons may...
- Section 89 - Attendance at creditors' meeting by non-creditors
A person who is not a creditor of the bankrupt may attend a creditors' meeting with the consent of— (a) the bankruptcy trustee; or
(b) the creditors attending the meeting, voting by ordinary...
- Section 90 - Minutes and record of creditors' meeting
(1) The bankruptcy trustee shall ensure that minutes are kept of each creditors' meeting.
(2) The minutes are invalid unless signed by the bankruptcy trustee or the Chairperson of the...
- Section 91 - Number of persons required for creditors' meeting to be valid
(1) A creditors' meeting is not valid unless at least the following persons attend— (a) the bankruptcy trustee or a person who represents the bankruptcy trustee; (b) a creditor or a person who...
- Section 92 - Who can represent creditors and bankrupt at creditors' meeting
(1) Any of the following persons may represent a creditor at a creditors' meeting— (a) an advocate;
(b) a certified public accountant;
(c) a person who keeps the creditor's or bankrupt's accounting...
- Section 93 - Passing of resolutions at creditors' meetings
(1) At a creditors' meeting—
(a) an ordinary resolution is passed if a majority in number and value of the creditors, or their proxies, who attend and who vote on the resolution vote in favour of it;...
- Section 94 - What votes can be counted for passing of resolutions at creditors' meeting
(1) A creditor who is entitled to vote at a creditors' meeting may vote on a resolution to be put to the meeting—
(a) by postal vote; or
(b) by electronic vote, if the voting paper for the...
- Section 95 - Who may vote at creditors' meeting
Creditors of the bankrupt who are entitled to vote, or their representatives, may vote at a creditors' meeting, but this rule is subject to sections 96 to 98.
- Section 96 - When secured creditor may vote at creditors' meeting
A debt that is secured only entitles the creditor to vote at a creditors' meeting if the creditor has— (a) surrendered the charge;
(b) valued the charge; or (c) realised the charge.
- Section 97 - When creditor under bill of exchange or promissory note may vote at creditors' meeting
(1) A debt on, or secured by, a current bill of exchange or promissory note entitles the creditor to vote only if the creditor is willing to take the following steps—
(a) to treat a qualifying...
- Section 98 - Person disqualified from voting at creditor's meeting through preferential effect
(1) A person is not entitled to vote in favour of a resolution that would, if passed, directly or indirectly enable that person or any of the following persons to receive remuneration from the...
- Section 99 - Entitlement of partner's creditor to prove debt at creditors' meeting
The bankruptcy of a partner of a firm who is indebted to a creditor jointly with one or more of the other partners entitles the creditor to prove the debt for the purpose of voting at any creditors'...
- Section 100 - Creditors may appoint expert or committee to assist bankruptcy trustee
(1) A creditors' meeting may pass an ordinary resolution—
(a) appointing an expert to assist the bankruptcy trustee in the administration of the bankrupt's estate; and
(b) providing for the expert's...
- Section 101 - Creditors' right to inspect documents
A creditor who has lodged a creditor's claim, or an advocate or a certified public accountant who is acting for the creditor, is entitled at any reasonable time to inspect or take copies of—
(a) the...
- Section 102 - Committee of creditors may be established
(1) A general meeting of the creditors of a bankrupt may establish a creditors' committee to perform the functions conferred on it by or under this Part.
(2) A general meeting of the creditors of a...
- Section 103 - Exercise by Cabinet Secretary of functions of creditor's committee
(1) A creditors' committee may not perform its functions if at any time the Official Receiver is bankruptcy trustee in respect of the bankrupt's estate.
(2) If, in the case of a bankruptcy, no...
- Section 104 - Status of property acquired during bankruptcy
(1) Until the bankrupt is discharged—
(a) all property (whether in or outside Kenya) that the bankrupt acquires or that passes to the bankrupt vests in the bankruptcy trustee without that trustee...
- Section 105 - Property vests in replacement bankruptcy trustee
If the bankruptcy trustee is replaced, the property and powers vested in the former bankruptcy trustee under this Act vest in the replacement bankruptcy trustee.
- Section 106 - Property held in trust by bankrupt
Property held by the bankrupt in trust for another person vests in the bankruptcy trustee, who shall assume control of the property and deal with it for the benefit of the beneficiaries of the trust.
- Section 107 - Court may order money due to bankrupt to be assigned to bankruptcy trustee
(1) If a bankruptcy trustee considers it necessary to do so, the bankruptcy trustee may apply to the Court for an order under subsection (2).
(2) On the hearing of an application made under...
- Section 108 - Certain payments to be applied in accordance with the Second Schedule
The bankruptcy trustee shall apply the following payments in accordance with the Second Schedule
(Priority of payments to preferential creditors—
(a) any amount paid by the bankrupt under section...
- Section 109 - When execution creditor may retain execution proceeds
(1) This section applies if a bankruptcy order has been made in respect of a debtor but, before the order was made, a creditor has—
(a) issued execution against the debtor's property; or (b) attached...
- Section 110 - Effect of notice to judicial enforcement officer of bankruptcy
(1) This section applies if a judicial enforcement officer who has taken the property of a debtor in execution is served with notice of the debtor's bankruptcy—
(a) before the property is sold;...
- Section 111 - Judicial enforcement officer to retain proceeds of execution for fourteen days after sale
(1) This section applies if, under execution of a judgment for an amount exceeding ten thousand shillings, the judicial enforcement officer—
(a) sells property of the debtor; or
(b) is paid money in...
- Section 112 - Purchaser under sale by judicial enforcement officer acquires good title
On the sale by the judicial enforcement officer of a debtor's property on which execution has been levied, the purchaser, if acting in good faith, acquires a good title to the property as against the...
- Section 113 - Court may set aside rights conferred on bankruptcy trustee
(1) An execution creditor may make an application to the Court for an order setting aside the rights of the bankruptcy trustee under section 110 or 111.
(2) On the hearing of an application made...
- Section 114 - Transaction in good faith and for value after bankruptcy
(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...
- Section 115 - Executions and attachments in good faith
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—...
- Section 116 - When execution or attachment completed for purposes of sections 109 and 115
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...
- Section 117 - Bankruptcy trustee's interest in property passes to transferee
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...
- Section 118 - Bankruptcy trustee may disclaim onerous property
(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...
- Section 119 - Effect of disclaimer
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...
- Section 120 - Position of person who suffers loss as result of disclaimer
(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...
- Section 121 - Bankruptcy trustee may be required to elect whether to disclaim
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...
- Section 122 - Liability for rentcharge on bankrupt's land after disclaimer
(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...
- Section 123 - Transmission of interest in land
(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...