ADVOKS GLOBAL · KENYA
Insolvency Act
644. What directors have to do to obtain moratorium
Edition: 2022-12-31 · In force
644. What directors have to do to obtain moratorium
(1)To obtain a moratorium, the directors of a company shall lodge with the Court—(a)the documents referred to in section 643(2)(a);(b)a statement to the effect that the company is eligible for a moratorium and the basis of that eligibility;(c)a statement from the monitor that the monitor has consented to act as monitor of the moratorium;(d)a statement from the monitor that, in the monitor's opinion—(i)the proposed moratorium has a reasonable prospect of achieving its aims; and(ii)the company is likely to have sufficient funds available to it during the proposed moratorium to enable it to carry on its business; and(e)a statement providing such other information (if any) with respect to the company's financial position as is specified in the insolvency regulations for the purposes of this section.(2)The reference in subsection (1)(d)(ii) to the company's business is to the business as proposed to be carried on by the company during the proposed moratorium.