ADVOKS GLOBAL · KENYA
Insolvency Act
229. Valuation of charge held by creditor and claim for balance due
Edition: 2022-12-31 · In force
229. Valuation of charge held by creditor and claim for balance due
(1)This section applies if a creditor who holds a charge or security right over a bankrupt's property has the property valued and seeks to prove as an unsecured creditor for the balance due after deducting the amount of the valuation.(2)The creditor shall ensure that the valuation and the claim for the balance—(a)is made in the prescribed creditor's claim form;(b)contains full particulars of the valuation and the debt;(c)contains full particulars of the charge (including the date when it was given) or a copy of the registration with respect to a security right; and(d)identifies the documents (if any) that substantiate the debt and the charge or security right.(3)If required to do so by the bankruptcy trustee, the creditor shall produce for inspection the documents so identified.(4)Failure to comply with subsection (2), or with a requirement of the bankruptcy trustee under subsection (3), renders the creditor's claim invalid.