Insolvency Act Cap 53 in Kenya

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Search Results...

727 sections

• Section 541 of Insolvency Act CAP 53: Administrator may be appointed by company or by its directors
  

  (1) A company may appoint an administrator. (2) The directors of a company may appoint an administrator.

  
  
• Section 542 of Insolvency Act CAP 53: Restrictions on power of company or its directors to appoint administrator
  

  lf an administrator of a company— (a) is appointed under section 541; or (b) is appointed on an application for administration made by the company or its directors, another person may not be appointed as an administrator of the company appointed under that section during the twelve months from and...

  
  
• Section 543 of Insolvency Act CAP 53: Other restrictions on power of company or its directors to appoint administrator
  

  (1) If a moratorium for a company under Division 2 of Part IX ends on a date when no voluntary arrangement is in force in respect of the company, this section applies for the twelve months from and including that date. (2) This section also applies for the period of twelve months from and including...

  
  
• Section 544 of Insolvency Act CAP 53: Circumstances in which company or its directors may not appoint administrator
  

  An administrator of a company may not be appointed under section 541 if— (a) an application for the liquidation of the company has been presented and is not yet disposed of; (b) an application for administration has been made and is not yet disposed of; or (c) an administrative receiver of the...

  
  
• Section 545 of Insolvency Act CAP 53: Notice to be given of intention to appoint administrator
  

  (1) A person who proposes to make an appointment under section 541 shall give to any person who is or may be entitled to appoint an administrator of the company under section 534 a notice that complies with subsection (3). (2) A person who proposes to make an appointment under section 541 shall...

  
  
• Section 546 of Insolvency Act CAP 53: Person giving notice of intention to appoint administrator to lodge certain documents with the Court
  

  (1) As soon as practicable after a person has given notice of an intention to make an appointment under section 545, the person shall lodge with the Court— (a) a copy of the notice and of any document that accompanied it; and (b) a statutory declaration by the person that complies with subsection...

  
  
• Section 547 of Insolvency Act CAP 53: Further restrictions on making appointments under section 541
  

  (1) An appointment may not be made under section 541 unless the person who makes the appointment has complied with the requirements of section 545 and 546 and— (a) the period of notice specified in section 545(1) has expired; or (b) each person to whom notice has been given under section 545(1) has...

  
  
• Section 548 of Insolvency Act CAP 53: Person appointing administrator under section 541 to lodge certain documents with the Court
  

  (1) A person who appoints an administrator of a company under section 541 shall lodge with the Court — (a) a notice of appointment that identifies the administrator; (b) a statement by the administrator that complies with subsection (2); (c) a statutory declaration by the person making the...

  
  
• Section 549 of Insolvency Act CAP 53: What happens if no one is entitled to notice of intention to appoint administrator
  

  If no person is entitled to notice of intention to appoint under section 545(1) so that section 547 does not apply, the statutory declaration accompanying the notice of appointment is ineffective unless it includes the statements and information required under section 546(2), in which case section...

  
  
• Section 550 of Insolvency Act CAP 53: When appointment of administrator under this Division takes effect
  

  The appointment of an administrator under section 541 takes effect when the requirements of section 548 are satisfied.

  
  
• Section 551 of Insolvency Act CAP 53: Person making appointment to notify appointment to administrator and others
  

  (1) As soon as is reasonably practicable after the requirements of section 548 are satisfied, the person who has appointed the administrator under section 541 shall notify the administrator, and such other persons as may be prescribed by the insolvency regulations for the purposes of this section,...

  
  
• Section 552 of Insolvency Act CAP 53: Appointment under section 541 not to take effect in certain cases
  

  If, before the requirements of section 548 are satisfied, the company enters administration under an administration order, or because of an appointment under section 534— (a) the appointment under section 541 has no effect; and (b) the requirement imposed by section 551 does not apply.

  
  
• Section 553 of Insolvency Act CAP 53: Power of the Court to order person invalidly appointed to be indemnified against liability
  

  (1) If— (a) a person purports to appoint an administrator under section 541; and (b) the appointment is discovered to be invalid, any person who appears to the Court to have a legitimate interest in the matter may apply to the Court for an order under subsection (2). (2) On the hearing of an...

  
  
• Section 554 of Insolvency Act CAP 53: Power of the Court to make administration order in respect of company on application made by holder of qualifying floating charge even if company may be able to pay its debts
  

  (1) If an application for administration in respect of a company— (a) is made by the holder of a qualifying floating charge in respect of the company's property; and (b) includes a statement that the application is made in reliance on this section, the Court may make an administration order...

  
  
• Section 555 of Insolvency Act CAP 53: Holder of qualifying floating charge may intervene in application made by person who is not the holder of such a charge
  

  If— (a) an application for administration in respect of a company is made by a person who is not the holder of a qualifying floating charge in respect of the company's property; and (b) the holder of a qualifying floating charge in respect of the company's property applies to the Court to have a...

  
  
• Section 556 of Insolvency Act CAP 53: Other circumstance in which holder of qualifying floating charge may make application for administration order
  

  (1) If the holder of a qualifying floating charge in respect of a company's property could appoint an administrator under section 534 but for section 528(1)(b), that holder may nevertheless make an application to the Court for an administration order under subsection (2). (2) If the Court makes an...

  
  
• Section 557 of Insolvency Act CAP 53: Power of liquidator of company to make an application for its administration
  

  (1) The liquidator of a company may make an application to the Court for an administration order under subsection (2). (2) If the Court makes an administration order on the hearing of an application made under subsection (1), the Court— (a) shall discharge any liquidation order existing in...

  
  
• Section 558 of Insolvency Act CAP 53: Administration order in respect of company prevents making of application for liquidation order and suspends pending applications for liquidation order
  

  (1) On the making of an administration order in respect of a company— (a) an application for the liquidation of the company may not be made; and (b) any application for the liquidation of the company that is then pending is suspended while the company is under administration. (2) Subsection...

  
  
• Section 559 of Insolvency Act CAP 53: Moratorium on insolvency proceedings while administration order has effect
  

  (1) While a company is under administration— (a) a resolution for the liquidation of the company may not be made; and (b) the Court may not make an order for the liquidation of the company. (2) Subsection (1)(b) does not prevent an application from being made for the liquidation of the company...

  
  
• Section 560 of Insolvency Act CAP 53: Moratorium on other legal process while administration order has effect
  

  (1) While a company is under administration— (a) a person may take steps to enforce a security over the company's property only with the consent of the administrator or with the approval of the Court; (b) a person may take steps to repossess goods in the company's possession under a credit...

  
  
• Section 560A of Insolvency Act CAP 53: Considerations to take into account on applications for approval to lift moratorium
  

  (1) When considering whether to grant its approval under section 560, the court or the administrator may in particular take into consideration where appropriate— (a) the statutory purpose of the administration; (b) the impact of the approval on the applicant particularly whether the applicant is...

  
  
• Section 561 of Insolvency Act CAP 53: Interim moratorium when application for administration order has been made
  

  (1) This section applies if an application for administration in respect of a company has been made and — (a) the application has not yet been granted or dismissed; or (b) the application has been granted but the administration order has not yet taken effect. (2) This section also applies from...

  
  
• Section 562 of Insolvency Act CAP 53: Company's business documents to state that company's affairs are under administration
  

  (1) While a company is under administration, the administrator shall ensure that all business documents issued by or on behalf of the company or the administrator, and all the company's websites, state— (a) the name of the administrator; and (b) that the affairs and property of the company are...

  
  
• Section 563 of Insolvency Act CAP 53: Announcement of administrator's appointment
  

  (1) As soon as practicable after becoming administrator of a company, the administrator shall comply with subsection (2) and (3). (2) The administrator shall— (a) send a notice of the administrator's appointment to the company; and (b) publish a notice of the administrator's appointment in such...

  
  
• Section 564 of Insolvency Act CAP 53: Relevant persons to provide administrator with statement of company's affairs
  

  (1) As soon as practicable after becoming administrator of a company, the administrator shall give notice requiring one or more relevant persons to provide the administrator with a statement of the company's affairs that complies with subsection (2). (2) A statement complies with this subsection if...

  
  
• Section 565 of Insolvency Act CAP 53: Deadline for submitting statement of affairs
  

  (1) The deadline for submitting a statement of financial position is the end of twelve days from and including the day on which the relevant person receives notice of the requirement. (2) The administrator may— (a) revoke a requirement under section 564(1); or (b) extend the deadline specified in...

  
  
• Section 566 of Insolvency Act CAP 53: Administrator to make statement setting out administrator's proposals for achieving the purpose of the administration
  

  (1) The administrator of a company shall make a statement setting out proposals for achieving the purpose of administration. (2) The administrator shall ensure that the proposals— (a) deal with such matters as may be prescribed by the insolvency regulations for the purposes of this section;...

  
  
• Section 567 of Insolvency Act CAP 53: Conduct of creditors' meetings
  

  The person presiding at a creditors' meeting shall ensure that it is conducted in the manner prescribed by the insolvency regulations.

  
  
• Section 568 of Insolvency Act CAP 53: Requirement to convene initial creditors' meeting
  

  (1) The administrator shall ensure that each copy of the administrator's statement of proposals sent to a creditor in accordance with section 566(4)(b) is accompanied by an invitation to an initial creditors' meeting to be held— (a) as soon as is reasonably practicable after the company enters...

  
  
• Section 569 of Insolvency Act CAP 53: When administrator is not required to convene meeting
  

  (1) Section 568(1) does not apply if the statement of proposals states that the administrator believes— (a) that the company has sufficient property to enable each creditor of the company to be paid in full; (b) that the company has insufficient property to enable a distribution to be made to...