Preview

BANKRUPTCY ACT

Satisfactory Essays
Open Document
Open Document
38305 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
BANKRUPTCY ACT
LAWS OF KENYA

BANKRUPTCY ACT
CHAPTER 53

Revised Edition 2012 [2010]
Published by the National Council for Law Reporting with the Authority of the Attorney-General www.kenyalaw.org [Rev. 2012]

Bankruptcy

CAP. 53

CHAPTER 53
BANKRUPTCY ACT
ARRANGEMENT OF SECTIONS
PART I – PRELIMINARY
Section
1.
2.

Short title.
Interpretation.

PART II – PROCEEDINGS FROM ACT OF BANKRUPTCY TO DISCHARGE
Acts of Bankruptcy
3.
4.

Acts of bankruptcy.
Bankruptcy notices.

Receiving Order
5.
6.
7.
8.
9.
10.
11.
12.
13.

Jurisdiction to make receiving order.
Conditions on which creditor may petition.
Proceedings and order on creditor’s petition.
Debtor’s petition and order thereon.
Effect of receiving order.
Power to appoint interim receiver.
Power to stay pending proceedings.
Power to appoint special manager.
Advertisement of receiving order.

Proceedings Consequent on Order
14.
15.
16.

First meeting of creditors.
Meetings to be governed by rules.
Debtor’s statement of affairs.

Public Examination of the Debtor
17.

Public examination of debtor.

18.
19.

Compositions and schemes of arrangement.
Effect of composition or scheme.

20.
21.
22.
23.

Adjudication of bankruptcy where composition not accepted or approved.
Appointment of trustee.
Committee of inspection.
Power to accept composition or scheme after adjudication.

24.
25.

Duties of debtor as to discovery and realization of property.
Address and certain particulars to be furnished.

Composition or Scheme of Arrangement

Adjudication of Bankruptcy

Control over Person and Property of Debtor

B3 - 3

[Issue 1]

CAP. 53

Bankruptcy

[Rev. 2012]

Section
26.
27.
28.
29.
30.
31.
32.
33.
34.

Arrest of debtor in certain circumstances.
Redirection of debtor’s letters.
Inquiry as to debtor’s conduct, dealings and property.
Bankrupt to apply for discharge within time specified by court.
Fraudulent settlements.

You May Also Find These Documents Helpful

  • Satisfactory Essays

    It is a bankruptcy proceeding where a debtor seeks confirmation of a plan that will repay creditors while permitting the debtor to retain assets or continue in business.…

    • 364 Words
    • 2 Pages
    Satisfactory Essays
  • Satisfactory Essays

    HYPERLINK "http://nationalparalegal.edu/Students/AssignmentsExams.aspx" Assignments & Exams Course: Business Law & Bankruptcy: PLG-105-1405 Assignment: Assignment 1 (based on classes 1 and 2)…

    • 304 Words
    • 1 Page
    Satisfactory Essays
  • Good Essays

    127 (1979), a case where Brown sued Felsen in state court for money allegedly obtained through fraud in which a consent decree was entered that stipulated that Felsen would pay Brown a specified amount but didn’t indicate the payment was for fraudulent actions. Felsen failed to pay and entered into bankruptcy; Brown asked that the debt be held nondischargeable because it was for money obtained by fraud. The Supreme Court in that case held that claim preclusion did not prevent the Bankruptcy Court from looking beyond the record of the state court proceeding and the stipulation and consent judgment to decide whether the debt was for money obtained by fraud. In its new Archer ruling, the Supreme Court states that the Brown holding is…

    • 641 Words
    • 3 Pages
    Good Essays
  • Powerful Essays

    Chapter 13

    • 4533 Words
    • 22 Pages

    In the United States, what percent of firms export, according to the U.S. Small Business Administration?…

    • 4533 Words
    • 22 Pages
    Powerful Essays
  • Satisfactory Essays

    1. Discuss the developments that led to the American Revolution. pg ref 27-32, Learning Objective (LO) 2.1…

    • 406 Words
    • 2 Pages
    Satisfactory Essays
  • Good Essays

    Chapter 13 Review

    • 9122 Words
    • 37 Pages

    When lactose becomes available the genes encoding β-galactosidase and lactose permease are upregulated in E. coli.…

    • 9122 Words
    • 37 Pages
    Good Essays
  • Powerful Essays

    Bankruptcy Midterm

    • 3520 Words
    • 15 Pages

    Who Can Be a Debtor – Any “person” (including partnerships, corporations, and municipalities) except railroads, insurance companies, banks, savings and loan institutions, investment companies licensed by the Small Business Administration, and credit unions. Farmers and charitable institutions cannot be involuntarily petitioned. If the court finds the petition to be a substantial abuse of the use of Chapter 7, the debtor may be required to convert to a Chapter 13 repayment plan.…

    • 3520 Words
    • 15 Pages
    Powerful Essays
  • Powerful Essays

    Landrum Griffin Act

    • 2797 Words
    • 12 Pages

    The Labor-Management Reporting and Disclosure Act (LMRDA), also known as the Landrum-Griffin Act of 1959 has brought about significant changes for U.S. labor unions. It is important to know what led to the creation of the act and how the act changed labor unions entirely. The paper will examine the history of labor crime on one of labor unions largest unions, the Teamsters. The paper will also discuss the creation of the Landrum-Griffin Act of 1959 and will examine the Landrum-Griffin Act in its entirety.…

    • 2797 Words
    • 12 Pages
    Powerful Essays
  • Good Essays

    Whenever Congress has a perceived need for ongoing control of an economic activity, it has tended to create a…

    • 780 Words
    • 4 Pages
    Good Essays
  • Satisfactory Essays

    lhjggggggggggggggpen choice. Existing emotionally on the sheer, thin margin of southern culture, I had felt that nothing short of life itself hung upon each of my actions and decisions; and I had grown used to change, to movement, to making adjustments.” (282)…

    • 442 Words
    • 2 Pages
    Satisfactory Essays
  • Powerful Essays

    Constitutive Act

    • 9739 Words
    • 39 Pages

    AMENDED AND RESTATED CERTIFICATE OF INCORPORATION OF VIRTUAL ZONE, INC. The undersigned, being the Executive Vice President, Law and Administration, and General Counsel and the Secretary of NEW PLAYBOY, INC. (the "Corporation"), a corporation organized and existing under the laws of the State of Delaware, do hereby certify as follows: 1. The name of the Corporation is NEW PLAYBOY, INC. The date of filing its original Certificate of Incorporation with the Secretary of State was April 30, 1998. 2.…

    • 9739 Words
    • 39 Pages
    Powerful Essays
  • Good Essays

    Law and Bank Holding Act

    • 512 Words
    • 3 Pages

    Legal stability helps ensure that citizens and businesses can manage their affairs efficiently (Lindquist & Cross, 2010). The order of the legal system helps to guarantee that all cases will be heard equally. Legislatures create laws that protect citizens and business, and when these laws are broken, the court system is used to reprimand the offenders. The court system is organized into two court structures, the federal system and state system (Kubasek, Brennan, & Browne 2009). There is a specific order to the organization to the court system and court proceedings, and this order promotes the stability of the legal system. Every player in the court system knows what to expect regarding their trial, and this predictability is important to ensure that the legal system is fair to all participants. Businesses and citizens alike benefit from a stable legal system because the laws are known and disputes are handled reasonably.…

    • 512 Words
    • 3 Pages
    Good Essays
  • Good Essays

    Fair Debt Collection Practice Act: The Federal Trade Commission (FTC), the nation's consumer protection agency, enforces the Fair Debt Collection Practices Act (FDCPA), which prohibits debt collectors from using abusive, unfair, or deceptive practices to collect from you [ftc.gov]. FDCPA became effective in March 1978; it also protects reputable debt collectors from unfair competition and encourages consistent state action to protect consumers from abuses in debt collection [federalreserve.gov]. In 2013, approximately 30 million individuals had debt in or subject to the collections process averaging approximately $1,400 [consumer finance]. The most common debt that consumers have is medical debt. In addition to medical debt mortgage, auto and student loan debt is increasing in collections.…

    • 712 Words
    • 2 Pages
    Good Essays
  • Good Essays

    The Clery Act

    • 323 Words
    • 2 Pages

    The impact of federal legislation and regulation on colleges & universities has been major as far as money expenditures for universities. As was mentioned, Section 504 of the rehabilitation Act of 1973 and the Americans with Disabilities Act (1990), are just a couple of the aforementioned mandates.…

    • 323 Words
    • 2 Pages
    Good Essays
  • Good Essays

    Tutorial2 2013

    • 1724 Words
    • 6 Pages

    Creditors can also apply for a garnishee order if they are able to find out his local bank to seize the $1000 available in the account.…

    • 1724 Words
    • 6 Pages
    Good Essays

Related Topics