ADVOKS GLOBAL · KENYA
Insolvency Act
495. Early dissolution of company
Edition: 2022-12-31 · In force
495. Early dissolution of company
(1)This section applies when an order for the liquidation of a company has been made by the Court and the Official Receiver is the liquidator of the company.(2)On being satisfied—(a)that the realisable assets of the company are insufficient to cover the expenses of the liquidation; and(b)that the affairs of the company do not require any further investigation,the Official Receiver may apply to the Registrar for the early dissolution of the company.(3)The Official Receiver may make such an application only if at least thirty days' notice of the Official Receiver's intention to make the application has been given to the company's creditors and contributories.(4)On giving that notice, the Official Receiver is, subject to any directions given under section 496, no longer required to perform any functions imposed on the Official Receiver in relation to the company, its creditors or contributories because of any provision of this Act, apart from a duty to make an application under subsection (2).(5)As soon as practicable after receiving the Official Receiver's application, the Registrar shall register it.(6)At the end of the three months from and including the date of the registration of the application the company is dissolved.