ADVOKS GLOBAL · KENYA
Insolvency Act
392. Liability of contributories to contribute to debts of company registered but not formed under Companies Act
Edition: 2022-12-31 · In force
392. Liability of contributories to contribute to debts of company registered but not formed under Companies Act
(1)This section applies to a company in liquidation that is registered but was not formed under the Companies Act (Cap. 486).(2)A person is, in respect of the company's debts and liabilities contracted before registration, a contributory if the person is liable—(a)to pay, or contribute to the payment of, any debt or liability so contracted;(b)to pay, or contribute to the payment of, any amount for the adjustment of the rights of the members among themselves in respect of any such debt or liability; or(c)to pay, or contribute to the amount of, the expenses of liquidating the company, so far as relates to those debts or liabilities.(3)A contributory is liable to contribute to the assets of the company, in the course of the liquidation, all amounts due from the contributory in respect of any such liability.(4)If a contributory dies or becomes bankrupt, the provisions of this Act relating to the personal representatives of deceased contributories and to the bankruptcy trustees of bankrupt contributories respectively apply.Division 2 — Voluntary liquidation (introductory and general)