ADVOKS GLOBAL · KENYA
Insolvency Act
646. What happens when moratorium takes effect
Edition: 2022-12-31 · In force
646. What happens when moratorium takes effect
(1)When a moratorium takes effect in respect of a company, the directors of the company shall immediately give notice of that fact to the monitor.(2)If subsection (1) is not complied with, each of the directors who is in default commits an offence and on conviction is liable to a fine not exceeding five hundred thousand shillings.(3)If, after being convicted of an offence under subsection (2), the directors continue to fail to given the required notice to the monitor, each of the directors who is in default commits a further offence on each day on which the failure continues and on conviction is liable to a fine not exceeding fifty thousand shillings for each such offence.