ADVOKS GLOBAL · KENYA
Insolvency Act
708. Insolvency Services Account to be established and maintained
Edition: 2022-12-31 · In force
708. Insolvency Services Account to be established and maintained
(1)The Official Receiver shall establish in the Central Bank of Kenya an account, to be called the "Insolvency Services Account".(2)The Official Receiver shall pay into the Insolvency Services Account all money received or recovered by the Official Receiver in the performance and exercise of the Official Receiver's functions and powers under this Act.(3)There is payable from the Insolvency Services Account any money due to creditors and contributories under this Act that the Official Receiver has received or recovered in the course of performing or exercising the Official Receiver's functions and powers under this Act.(4)Any money held in the Insolvency Services Account that is not immediately required for the purposes of making payments under subsection (3) may be invested in any investments in which a trustee can invest money in accordance with the Trustee Act (Cap. 167).