Insolvency Act

450. Power of the Court to make calls from contributories

Edition: 2022-12-31 · In force

450. Power of the Court to make calls from contributories

(1)At any time after making a liquidation order, and either before or after the Court has ascertained the sufficiency of the company's assets, it may—

(a)make calls on all or any of the contributories for the time being settled on the list of the contributories (to the extent of their liability) for payment of any money that the Court considers necessary—

(i)to satisfy the company's debts and liabilities and the expenses of liquidation; and

(ii)for the adjustment of the rights of the contributories among themselves; and

(b)make an order for payment of any calls so made.

(2)In making a call, the Court may take into consideration the probability that some of the contributories may partly or wholly fail to pay it.

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Source: Kenya Law