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Section 433 of Insolvency Act CAP 53: Official Receiver may require certain persons to submit statement relating to company's affairs

    

(1) If the Court has made a liquidation order or appointed a provisional liquidator in respect of a company, the Official Receiver may require some or all of the prescribed persons to make out and submit to the Official Receiver a statement of affairs relating to the company.
(2) Those prescribed persons who are required to make out such a statement shall do so without delay and shall include in it—
(a) such particulars of the company's assets, debts and liabilities as are prescribed by the insolvency regulations for the purposes of this section;
(b) the names and addresses of the company's creditors;
(c) the securities (if any) held by them respectively;
(d) the dates when the securities were respectively given; and
(e) such further or other information as the Official Receiver may reasonably require.
(3) The prescribed persons are—
(a) those who are or have been officers of the company;
(b) those who have taken part in the formation of the company at any time during the twelve months before the relevant date; (c) those who—
(i) are in the company's employment, or have been in its employment during that period; and
(ii) are in the Official Receiver's opinion capable of giving the information required;
(d) those who are or have been within that period officers of, or in the employment of, a company that is, or within that period was, an officer of the company.
(4) Prescribed persons who under this section are required under this section to submit a statement of affairs to the Official Receiver shall, subject to subsection (5), do so within twenty-one days from and including the date on which notice of the requirement was given to those persons by the Official Receiver and verify the statement by statutory declaration.
(5) The Official Receiver may—
(a) at any time release a person from an obligation imposed on the person under subsection (1) or by subsection (2); or
(b) either when giving the notice referred to in subsection (4) or subsequently, extend the period referred to in that subsection.
(6) If the Official Receiver has declined to exercise a power conferred by subsection (5), the Court may, on the application of the Attorney-General or a person who is dissatisfied with the Official Receiver's decision, exercise the power if it considers it appropriate to do so.
(7) In this section—
"employment" includes employment under a contract for the supply of services; and
"the relevant date" means—
(a) if a provisional liquidator is appointed, the date of the appointment; and (b) if no such appointment is made, the date of the liquidation order.
(8) A person who, without reasonable excuse, fails to comply with an obligation imposed by or under this section commits an offence and on conviction is liable to a fine not exceeding five hundred thousand shillings.
(9) If, after being convicted of an offence under subsection (8), a person, without reasonable excuse, continues to fail to comply with the relevant obligation, the person commits a further offence on each day on which the failure continues and on conviction is liable to a fine not exceeding fifty thousand shillings for each such offence.

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