Kenyan Insolvency Bill 2014 vis a viz the Bankruptcy Act cap 53 
MT KENYA UNIVERSITY, SCHOOL OF LAW NAIROBI CAMPUS.
BANKRUPTCY CAT 1
PRESENTED BY
The Bankruptcy Act, Cap 53, Laws of Kenya has over the years been in need of amendment and reforms especially now in light of the provisions in the Constitution of Kenya, 2010. Many efforts have been made to improve this law through the proposed and tabled Insolvency Bill 2012, Insolvency Bill 2013 and Insolvency Bill 2014. Critically examine the salient features, reforms and innovations relating to individual insolvency as enshrined in the Kenyan Insolvency Bill 2014 as contrasted with the Bankruptcy Act, cap 53, Laws of Kenya.
The Kenyan Insolvency Bill 2014 is a bill in parliament that seeks to amend and consolidate the law relating to the insolvency of natural persons and incorporated and unincorporated bodies if enacted in law. It also seeks to provide alternative procedures to bankruptcy that will enable the affairs of insolvent natural persons to be managed for the benefit of their creditors; to provide for the liquidation of incorporated bodies (including solvent ones) as well as to provide as an alternative to liquidation procedures that will enable the affairs of such of those bodies as become insolvent to be administered for the benefit of their creditors; and to provide for related and incidental matters1
The bill if enacted seeks to repeal and replace the Bankruptcy Act (Cap. 53) to simplify the procedures in bankruptcy and insolvency. It also seeks to encourage the dissolution of non-viable and inefficient businesses and the survival of the efficient ones and to maximize the value of liquidated assets. It provides for independent administration to take control of a business at the point of insolvency, provide for an equitable distribution of liquidation assets among creditors andprovides effective mechanisms for indemnifying and prosecuting managers and directors whose illegal actions contribute to the insolvency of a firm.
The Kenyan Insolvency Bill
BANKRUPTCY CAT 1
PRESENTED BY
The Bankruptcy Act, Cap 53, Laws of Kenya has over the years been in need of amendment and reforms especially now in light of the provisions in the Constitution of Kenya, 2010. Many efforts have been made to improve this law through the proposed and tabled Insolvency Bill 2012, Insolvency Bill 2013 and Insolvency Bill 2014. Critically examine the salient features, reforms and innovations relating to individual insolvency as enshrined in the Kenyan Insolvency Bill 2014 as contrasted with the Bankruptcy Act, cap 53, Laws of Kenya.
The Kenyan Insolvency Bill 2014 is a bill in parliament that seeks to amend and consolidate the law relating to the insolvency of natural persons and incorporated and unincorporated bodies if enacted in law. It also seeks to provide alternative procedures to bankruptcy that will enable the affairs of insolvent natural persons to be managed for the benefit of their creditors; to provide for the liquidation of incorporated bodies (including solvent ones) as well as to provide as an alternative to liquidation procedures that will enable the affairs of such of those bodies as become insolvent to be administered for the benefit of their creditors; and to provide for related and incidental matters1
The bill if enacted seeks to repeal and replace the Bankruptcy Act (Cap. 53) to simplify the procedures in bankruptcy and insolvency. It also seeks to encourage the dissolution of non-viable and inefficient businesses and the survival of the efficient ones and to maximize the value of liquidated assets. It provides for independent administration to take control of a business at the point of insolvency, provide for an equitable distribution of liquidation assets among creditors andprovides effective mechanisms for indemnifying and prosecuting managers and directors whose illegal actions contribute to the insolvency of a firm.
The Kenyan Insolvency Bill