Section 612 of Insolvency Act CAP 53: Court may replace administrator when there is a competing floating charge-holder
(1) If an administrator of a company is appointed under section 534 by the holder of a qualifying floating charge in respect of the company's property, the holder of a prior qualifying floating charge in respect of the company's property may apply to the Court for the administrator to be replaced by an administrator nominated by the holder of the prior floating charge.
(2) On the hearing of an application made under subsection (1), the Court may make an order replacing the existing administrator with the person nominated by the applicant, but only if satisfied that to do so would result in the company being administered more effectively and efficiently.
(3) An application made under subsection (1) may not be heard unless the existing administrator and the holder of the qualifying floating charge who appointed that administrator have been served with a copy of the application and have been given an opportunity to appear at the hearing as parties
(4) The Movable Property Security Rights Act determines whether one floating charge is prior to another for the purposes of this section.
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- Section 613 - Creditors' meeting may replace administrator appointed by company or directors
(1) A creditors' meeting may replace an administrator of a company if—
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- Section 617 - Offences committed by joint administrators
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(2) However, a...
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- Section 619 - Power to appoint administrators to act concurrently
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(2) If a...
- Section 620 - Presumption of validity of acts of administrator
An act of the administrator of a company is valid even if the administrator's appointment or qualification is subsequently found to be defective.
- Section 621 - Majority decision of directors
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- Section 623 - Certain specified period can be varied by consent
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(2) In subsection (1), "consent" means—
(a) the consent of each secured...
- Section 624 - Interpretation: Division 1
In this Division—
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(a) a newspaper circulating in the area in which the company carries on business;
(b) the company's website (if any);...
- Section 625 - Proposal for voluntary arrangement
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- Section 626 - Procedure if provisional supervisor is not the liquidator or administrator
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- Section 627 - Provisional supervisor to convene meetings of company and of its creditors
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- Section 628 - Conduct of meetings of company and its creditors
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- Section 629 - Approval of proposal for voluntary arrangement
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- Section 630 - Approved proposal to take effect as voluntary arrangement and to be binding on company and its creditors
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- Section 631 - Certain persons may challenge decisions relating to approved voluntary arrangement by making application to the Court
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- Section 632 - Offences involving false representations and fraudulent acts by company officers
(1) An officer of a company who—
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- Section 633 - Implementation of approved voluntary arrangement
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- Section 634 - Prosecution of delinquent officers of company
(1) This section applies if—
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- Section 636 - Interpretation: Part 2
(1) In this Part—
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- Section 637 - Application of Part 2
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- Section 638 - Eligible companies
A company is eligible to obtain a moratorium if it—
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(b) is not declared to be an ineligible company...
- Section 639 - Banking and insurance companies ineligible to obtain moratorium
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- Section 640 - Companies under administration, etc., ineligible to obtain moratorium
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(b) a company that is in liquidation;
(c) a company in respect...
- Section 641 - Certain projects companies ineligible
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- Section 643 - What steps company's directors have to take to obtain a moratorium
(1) Deleted by Act No. 1 of 2021
(2) If the directors of an eligible company wish to obtain a moratorium, they shall— (a) prepare—
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- Section 644 - What directors have to do to obtain moratorium
(1) To obtain a moratorium, the directors of a company shall lodge with the Court—
(a) the documents referred to in section 643(2)(a);
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- Section 645 - Duration of moratorium
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(2) A moratorium ends after thirty days from and including the day on which the moratorium...
- Section 646 - What happens when moratorium takes effect
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- Section 647 - Duty of monitor to publish and give notice that moratorium has taken effect
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(i) once in the Gazette;
(ii) once in at least two newspapers circulating in the...
- Section 648 - Notification of end of moratorium to be given by monitor
(1) Within fourteen days after a moratorium has come to an end, the monitor shall— (a) publish—
(i) once in the Gazette;
(ii) once in at least two newspapers circulating in area in which the company...
- Section 649 - Effect of moratorium on creditors and others
(1) While a moratorium has effect in respect of a company—
(a) an application for liquidation of the company may not be made; (b) a meeting of the company may be convened or requisitioned—
(i) only...
- Section 651 - Security not to be enforced unless it would benefit the company
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- Section 652 - Application of sections 653 to 657 to company in respect of which a moratorium has effect
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- Section 653 - Company invoices and other documents to state monitor's name and that moratorium has effect
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- Section 654 - Restrictions on company obtaining credit during moratorium
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- Section 655 - Restrictions on disposal of property and making payments by company
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(a) there are reasonable grounds for believing that the disposal will...
- Section 656 - Restriction on company paying debts and other liabilities
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- Section 657 - Circumstances in which company may dispose of property and goods that are subject to a security or held under credit purchase transaction
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(a) property of the company that is subject to a security; and
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(2) A company...
- Section 658 - Monitor's to monitor activities of company during moratorium
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- Section 659 - Withdrawal of monitor's consent to act
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- Section 660 - Creditors and others may challenge monitor's conduct during moratorium by application made to the Court
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- Section 661 - Creditor may pursue claim against monitor for loss
(1) If there are reasonable grounds for believing that—
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(b) the company...
- Section 662 - Replacement of monitor by the Court
(1) An application may be made to the Court for an order under subsection (2)—
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- Section 669 - Extension of moratorium
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- Section 670 - Conditions for extension of moratorium
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