ADVOKS GLOBAL · KENYA
Insolvency Act
464. Liquidator's functions: liquidation by the Court
Edition: 2022-12-31 · In force
464. Liquidator's functions: liquidation by the Court
(1)If a company is being liquidated by the Court, the liquidator may—(a)with the approval of the Court or the liquidation committee (if there is one), exercise any of the powers specified in Parts 1 and 2 of the Third Schedule; and(b)with or without that approval, exercise any of the general powers specified in Part 3 of that Schedule.(2)If, in exercising the powers conferred on the liquidator by this Act, the liquidator—(a)disposes of property of the company to a person who is connected with the company; or(b)employs an advocate to assist the liquidator in performing the liquidator' s functions,the liquidator shall, if there is a liquidation committee, give notice to the committee of that exercise of the liquidator's powers.(3)Subsection (2) does not apply if the Official Receiver is the liquidator.(4)In a liquidation ordered by the Court, the exercise of the powers conferred by this section by the liquidator is subject to the control of the Court, and any creditor or contributory may apply to the Court with respect to any exercise or proposed exercise of any of those powers.(5)A liquidator who, without reasonable excuse, fails to comply with subsection (2) commits an offence and on conviction is liable to a fine not exceeding two hundred thousand shillings.