ADVOKS GLOBAL · KENYA
Insolvency Act
409. Creditors may appoint liquidation committee
Edition: 2022-12-31 · In force
409. Creditors may appoint liquidation committee
(1)The creditors at the meeting to be held in accordance with section 406 or at any subsequent meeting may, if they think appropriate, appoint a liquidation committee of not more than five persons to perform the functions imposed or conferred on such committees by or under this Act.(2)If such a committee has been appointed, the company may, either at the meeting at which the resolution for voluntary liquidation is passed or at any time subsequently in general meeting, appoint a number of persons, not exceeding five, to be members of the committee.(3)However, the creditors may resolve that all or any of the persons so appointed by the company are disqualified from being members of the liquidation committee.(4)If the creditors so resolve, the persons referred to in the resolution cease to be members of the committee, unless the Court, on the application of any of those persons, quashes the resolution.(5)On the hearing of an application to the Court made by any of the creditors, the Court may appoint other persons to act as members of the committee in place of the persons mentioned in the resolution.