Insolvency Act
520. Interpretation: Part VIII
520. Interpretation: Part VIII
In this Part—"administrator", in relation to a company, means a person appointed under this Part to manage the company's affairs and property, and, if the context requires, includes a former administrator;"creditors' meeting" means a meeting of creditors of a company under administration that is convened by the administrator as provided by the insolvency regulations;"enters administration" has the meaning given by section 521;"floating charge" means a charge that is a floating charge on its creation;"holder of a qualifying floating charge" in respect of a company's property has the meaning given by section 534 (holder of floating charge may appoint administrator of company);"market value" means the amount that would be realised on a sale of property in the open market by a willing vendor;"objective of administration" means an objective specified in section 522.Source: Kenya Law