ADVOKS GLOBAL · KENYA
Insolvency Act
50. Bankrupt to lodge statement of financial position with bankruptcy trustee
Edition: 2022-12-31 · In force
50. Bankrupt to lodge statement of financial position with bankruptcy trustee
(1)Within fourteen days after being served with the notice in accordance with section 49 (or within such extended period not exceeding sixty days as the Official Receiver may allow), the bankrupt shall lodge with the Official Receiver a statement of the bankrupt's financial position setting out—(a)particulars of the bankrupt's assets;(b)the bankrupt's debts and liabilities;(c)the names, residences and occupations of the bankrupt's creditors;(d)the securities held by the bankrupt's creditors;(e)the dates when the securities were given; and(f)such other information as may be prescribed by the insolvency regulations or as the bankruptcy trustee may reasonably require.(2)At any time after lodging with the bankruptcy trustee a statement of the bankrupt's financial position, the bankrupt may lodge additional or amended statements or answers with the bankruptcy trustee.(3)A bankrupt who fails to comply with a requirement of subsection (1) commits an offence and on conviction is liable to a fine not exceeding one million shillings or to imprisonment for a term not exceeding two years, or to both.(4)If, after being convicted of an offence under subsection (2), a bankrupt, without reasonable excuse, continues to fail to comply with the relevant requirement, the bankrupt commits a further offence on each day during which the failure continues and on conviction is liable to a fine not exceeding one hundred thousand shillings for each such offence.