bankruptcy law
BANKRUPTCY & COMMERCIAL SECURITIES
HISTORICAL REVOLUTION OF BANKRUPTCY LAW
1. Bankruptcy Act Cap 53 Laws of Kenya
2. Ian Macneil – Bankruptcy in East Africa
3. Fridman Bankruptcy Law and Practice
4. Thomspson J.H. The principles of Bankruptcy Law
5. Holdsworth on Historical Development
Basically the law of bankruptcy has a long history and only a summary of the main developments may be highlighted
Summary.
1542 Act - aimed mainly at securing the property of the debtor for his creditors.
1834 Act - extended bankruptcy law to none traders. Some land owners had become debtors and had to be catered for by the law.
1869 Act- to amend and consolidate the existing law was passed. This Act contained many of the substantive bankruptcy law principles which are now in operation today.
1883 Act -laid the basis of modern Bankruptcy administration & separated the judicial and administrative functions. The judicial functions remained vested in the High Court and
County Courts while the administrative functions were transferred to a Board of Trade. It introduced the present day law on the following
1.
The public investigation by the Court into the debtor’s conduct;
2.
Punishment for Bankruptcy offences committed by the bankrupt;
3.
strict investigation and prove of debt;
4.
General supervision of proceedings including the control of funds and independent audits of trustees accounts.
1890 Act – laid down the conditions for the discharge of a bankrupt
1913 Act - made offences by Bankrupts punishable summarily and tightened the law as to their criminal liability.
1915 - The Bankruptcy Rules of 1915;
1926 - The Bankruptcy Amendment Act of 1926;
1940 Act
1.
In the English medieval and mercantilist periods the law commences with a statute enacted during the reign of King Henry VIII which largely dealt with fraudulent traders. This legislation was passed in 1542 and it aimed mainly at securing the property of the debtor for his
HISTORICAL REVOLUTION OF BANKRUPTCY LAW
1. Bankruptcy Act Cap 53 Laws of Kenya
2. Ian Macneil – Bankruptcy in East Africa
3. Fridman Bankruptcy Law and Practice
4. Thomspson J.H. The principles of Bankruptcy Law
5. Holdsworth on Historical Development
Basically the law of bankruptcy has a long history and only a summary of the main developments may be highlighted
Summary.
1542 Act - aimed mainly at securing the property of the debtor for his creditors.
1834 Act - extended bankruptcy law to none traders. Some land owners had become debtors and had to be catered for by the law.
1869 Act- to amend and consolidate the existing law was passed. This Act contained many of the substantive bankruptcy law principles which are now in operation today.
1883 Act -laid the basis of modern Bankruptcy administration & separated the judicial and administrative functions. The judicial functions remained vested in the High Court and
County Courts while the administrative functions were transferred to a Board of Trade. It introduced the present day law on the following
1.
The public investigation by the Court into the debtor’s conduct;
2.
Punishment for Bankruptcy offences committed by the bankrupt;
3.
strict investigation and prove of debt;
4.
General supervision of proceedings including the control of funds and independent audits of trustees accounts.
1890 Act – laid down the conditions for the discharge of a bankrupt
1913 Act - made offences by Bankrupts punishable summarily and tightened the law as to their criminal liability.
1915 - The Bankruptcy Rules of 1915;
1926 - The Bankruptcy Amendment Act of 1926;
1940 Act
1.
In the English medieval and mercantilist periods the law commences with a statute enacted during the reign of King Henry VIII which largely dealt with fraudulent traders. This legislation was passed in 1542 and it aimed mainly at securing the property of the debtor for his