ADVOKS GLOBAL · KENYA
Insolvency Act
723. Official Receiver, bankruptcy trustees, liquidators and administrators to notify creditors of prescribed steps in the insolvency process
Edition: 2022-12-31 · In force
723. Official Receiver, bankruptcy trustees, liquidators and administrators to notify creditors of prescribed steps in the insolvency process
(1)If an interim trustee or bankruptcy trustee takes a prescribed step in the bankruptcy process relating a bankrupt, that trustee shall, by notice, give to all creditors of the bankrupt of whom that trustee is aware the prescribed details of the step taken.(2)If a liquidator or provisional liquidator takes a prescribed step in the liquidation process relating a company that is in liquidation, the liquidator or provisional liquidator shall, by notice, give to all creditors of the company of whom the liquidator or provisional liquidator is aware the prescribed details of the step taken.(3)If an administrator takes a prescribed step in the administration process relating a company that is under administration, the administrator shall give, by notice, give to all creditors of the company of whom the administrator is aware the prescribed details of the step taken.(4)A bankruptcy trustee, liquidator, provisional liquidator or administrator who, without reasonable excuse, fails to comply with a requirement of this section commits an offence and on conviction is liable to a fine not exceeding two hundred thousand shillings.(5)In this section, "prescribed step" and "prescribed details" means a step or details prescribed by the insolvency regulations for the purposes of this section.