ADVOKS GLOBAL · KENYA
Insolvency Act
449. Recovery of debts due from contributory to company
Edition: 2022-12-31 · In force
449. Recovery of debts due from contributory to company
(1)At any time after making a liquidation order, the Court may make an order in respect of any contributory who is for the time being on the list of contributories requiring the contributory to pay, in accordance with the order, an amount due from the contributory (or from the estate of the person whom the contributor represents) to the company, exclusive of any amount payable by the contributor or the estate because of a call.(2)In making such an order, the Court may—(a)in the case of an unlimited company, allow to the contributory as a set-off money due to the contributory or the estate that the contributory represents from the company on any independent dealing or contract with the company (but not money due to the contributory as a member of the company in respect of a dividend or profit); and(b)in the case of a limited company, make to a director or manager whose liability is unlimited, or to the estate of the director or manager, the same allowance.(3)If, in the case of a company (whether limited or unlimited), all the creditors have been paid in full (together with interest at the official rate), money due on an account to a contributory from the company may be allowed to the contributory as a set off against any subsequent call.