Section 448 of Insolvency Act CAP 53: Settlement of list of contributories and application of assets
(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 discharge of its liabilities.
(2) If it appears to the Court that it will not be necessary to make calls on, or adjust the rights of contributories, the Court may dispense with the settlement of a list of contributories.
(3) In settling the list, the Court shall distinguish between persons who are contributories in their own right and persons who are contributories as being representatives of or liable for the debts of others.
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- Section 449 - Recovery of debts due from contributory to company
(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,...
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(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...
- Section 451 - Power of the Court to order money due to company to be paid into Central Bank
(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...
- Section 452 - Order made by the Court against contributory to be conclusive evidence that money ordered to be paid is due
(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...
- Section 453 - Power of the Court to fix deadlines for proving claims
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.
- Section 454 - Court to adjust rights of contributories
The Court shall adjust the rights of the contributories among themselves and distribute any surplus among the persons entitled to it.
- Section 455 - Power of the Court to make orders enabling creditors and contributories to inspect company's records
(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...
- Section 456 - Payment of expenses of liquidation
(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;...
- Section 457 - Power to arrest absconding contributory
(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;...
- Section 458 - Powers of the Court to be cumulative
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,...
- Section 459 - Power of the Court to delegate its powers to liquidator
(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...
- Section 460 - Style and title of liquidators
(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...
- Section 461 - Offence to make corrupt inducement affecting appointment of liquidator
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- Section 462 - Liquidator's functions: voluntary liquidation
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- Section 463 - Liquidator's functions: creditors' voluntary liquidation
(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...
- Section 464 - Liquidator's functions: liquidation by the Court
(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...
- Section 465 - Liquidator's functions: supplementary powers
(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...
- Section 466 - Enforcement of liquidator's duties to lodge, deliver and make returns, accounts and other documents
(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...
- Section 467 - Circumstances in which liquidator may be removed from office in the case of a voluntary liquidation
(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...
- Section 468 - Liquidator may be removed only by the Court or by general meeting of creditors in the case of company being liquidated by the Court
(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...
- Section 469 - Release of liquidator in the case of company liquidated voluntarily
(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...
- Section 470 - Release of liquidator in the case of company liquidated by the Court
(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...
- Section 471 - Preferential debts (general provision)
(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...
- Section 472 - Preferential charge on property of company distrained within three months before making of liquidation order
(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...
- Section 473 - Expenses of liquidation to have priority over claims under floating charge
(1) The expenses of liquidating a company, so far as the assets of the company available for payment of general creditors are insufficient to meet those expenses, have priority over any claims to...
- Section 474 - Share of assets to be made available for unsecured creditors where floating charge relates to company's property
(1) This section applies to a company in respect of which a floating charge relates to its property—
(a) if the company is in liquidation or under administration; or (b) if a provisional liquidator...
- Section 475 - Power of the Court to appoint special manager of company's business or property when company is in liquidation or provisional liquidator appointed
(1) If a company is in liquidation or a provisional liquidator is appointed in respect of the company, the Court may, on an application made under subsection (2), appoint a person to be the special...
- Section 476 - Power of liquidator to disclaim onerous property
(1) The liquidator may, by the giving such notice as is prescribed by the insolvency regulations, disclaim any onerous property and may do so even if the liquidator has taken control of it, tries to...
- Section 477 - Special provisions relating to disclaimer of leaseholds
(1) The disclaimer under section 476 of any property comprising a leasehold interest does not take effect unless a copy of the disclaimer has been served on every person claiming under the company as...
- Section 478 - Effect of disclaimer in relation to land subject to rentcharge
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- Section 479 - General powers of the Court in respect of disclaimed property
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(2) An application to the Court for an order under subsection (3) may be made...
- Section 480 - Powers of the Court in respect of leaseholds held by company in liquidation
(1) The Court may not make an order under section 479 vesting a leasehold interest in a person claiming under the company as underlessee or mortgagee except on terms making the person—
(a) subject to...
- Section 481 - Creditor not entitled to retain benefit of execution or attachment against liquidator unless creditor completes execution or attachment before commencement of liquidation
(1) If—
(a) a creditor—
(i) has issued execution against the goods or land of a company; or
(ii) has attached any debt due to it; and
(b) the company is subsequently liquidated, the creditor is...
- Section 482 - Duties of judicial enforcement officers charged with execution of writs and other processes involving companies in liquidation
(1) This section applies if—
(a) a company's goods are taken in execution; and
(b) before their sale or the completion of the execution (whether by the receipt or recovery of the full amount of the...
- Section 483 - Power of the Court to rescind contracts entered into by company in liquidation
(1) A person who is, as against the liquidator, entitled to the benefit or subject to the burden of a contract made with the company, may make an application for an order under subsection (2).
(2) On...
- Section 484 - Power of liquidator to transfer assets of company to its employees
(1) On the liquidation of a company (whether by the Court or voluntarily), the liquidator may, in accordance with this section, make any payment that the company has, before the commencement of the...
- Section 485 - Company in liquidation required to state that it is in liquidation in all invoices, letters and other communications
(1) A company that is in liquidation shall ensure that the following documents state that the company is in liquidation:
(a) every invoice, order for goods or services, business letter or order form...
- Section 486 - Interest on debts to be paid if surplus permits
(1) In a company liquidation, interest is payable in accordance with this section on any debt proved in the liquidation, including so much of any such debt as represents interest on the...
- Section 487 - Certain documents relating to company in liquidation to be exempt from stamp duty
(1) If a company is in liquidation, the following documents are exempt from stamp duty—
(a) every transfer relating solely to freehold or leasehold property, or to any interest in, any real or...
- Section 488 - Records of company in liquidation to be evidence
When a company is in liquidation, all records of the company and of the liquidator are (as between the contributories of the company) evidence of the truth of all matters purporting to be recorded in...
- Section 489 - Liquidator to lodge periodic statements with Registrar of Companies with respect to current position of liquidation
(1) If the liquidation of a company is not completed within twelve months after its commencement, the liquidator shall, at such intervals as are prescribed by the insolvency regulations and until the...
- Section 490 - Effect of resolutions passed at adjourned meetings of company's creditors and contributories
If a resolution is passed at an adjourned meeting of a company's creditors or contributories, the resolution is for all purposes taken to have been passed on the date on which it was in fact passed,...
- Section 491 - Court may order meetings to be held to ascertain wishes of creditors or contributories
(1) The Court may—
(a) as to all matters relating to the liquidation of a company, have regard to the wishes of the creditors or contributories (as proved to it by any sufficient evidence); and...
- Section 492 - Judicial notice to be taken of documents of the Court
In all proceedings under this Part, all courts and tribunals, all judges and persons acting judicially, and all officers of a court or tribunal, or employed in enforcing the process of a court or...
- Section 493 - Affidavits required to be sworn for purposes of this Part
(1) An affidavit required to be sworn under or for the purposes of this Part may be sworn in Kenya—
(a) before any court, tribunal, judge or person lawfully authorised to take and receive affidavits;...
- Section 494 - Dissolution (voluntary liquidation)
(1) This section applies to a company in voluntary liquidation if the liquidator has sent to the Registrar the liquidator's final account and return in accordance with section 402 or 414.
(2) As soon...
- Section 495 - Early dissolution of company
(1) This section applies when an order for the liquidation of a company has been made by the Court and the Official Receiver is the liquidator of the company.
(2) On being satisfied—
(a) that the...
- Section 496 - Consequence of notice given under section 495(3)
(1) If a notice has been given in accordance with section 495(3), the Official Receiver or any creditor or contributory of the company may apply to the Court for directions under this...
- Section 497 - Dissolution otherwise than under sections 494 - 496
(1) This section applies to a notice that is—
(a) served for the purposes of section 468(9); or
(b) from the Official Receiver that the liquidation of a company by the Court is complete.
(2) As...
- Section 498 - Offence involving commission of fraudulent acts in anticipation of liquidation
(1) This section applies in relation to a company—
(a) in respect of which the Court has made a liquidation order; or
(b) that has passed a resolution for the voluntary liquidation of the...