ADVOKS GLOBAL · KENYA
Insolvency Act
625. Proposal for voluntary arrangement
Edition: 2022-12-31 · In force
625. Proposal for voluntary arrangement
(1)The directors of a company may make a proposal under this Division to the company and to its creditors for a voluntary arrangement under which the company enters into a composition in satisfaction of its debts or a scheme for arranging its financial affairs.(2)In making such a proposal, the directors shall provide for the appointment of a person to supervise the implementation of the voluntary arrangement.(3)Only an authorised insolvency practitioner may be appointed to supervise a voluntary arrangement.(4)A proposal under this Division may also be made—(a)if the company is under administration, by the administrator; or(b)if the company is in liquidation, by the liquidator.