ADVOKS GLOBAL · KENYA
Insolvency Act
353. Offence for person admitted to no-asset procedure to obtain credit
Edition: 2022-12-31 · In force
353. Offence for person admitted to no-asset procedure to obtain credit
(1)A person who, while admitted to the no-asset procedure—(a)alone or jointly with another person, obtains credit of one hundred thousand shillings or more;(b)incurs liability to a credit provider for one hundred thousand shillings or more for the purpose of obtaining credit for another person; or(c)enters into a credit purchase transaction under which the person is liable to pay one hundred thousand shillings or more,commits an offence.(2)In proceedings for an offence under subsection (1), it is a defence to prove—(a)in a case to which subsection (1)(a) applies, that, before obtaining the relevant credit the defendant informed the credit provider that the defendant was admitted to the no-asset procedure;(b)in a case to which subsection (1)(b) applies, that, before the defendant incurred the relevant liability, the credit provider was informed that the defendant was admitted to the no-asset procedure; or(c)in a case to which subsection (1)(c) applies, that, before the defendant entered into the relevant agreement, the other parties to the agreement were informed that the defendant was admitted to the no-asset procedure.(3)A person who is found guilty of an offence under this section is on conviction liable to a fine not exceeding one million shillings or to imprisonment for a term not exceeding twelve months, or to both.