ADVOKS GLOBAL · KENYA
Kenya Deposit Insurance Act
59. Accounts and expenses on liquidation
Edition: 2022-12-31 · In force
59. Accounts and expenses on liquidation
(1)The Corporation shall in the course of liquidation, cause to be filed with the Official Receiver a status report and statement of accounts of an institution once every six calendar months.(2)All expenses related to the liquidation and winding-up of an institution shall be chargeable on the assets of the institution.(3)Where in exceptional circumstances the assets of an institution under liquidation are not sufficient to meet the expenses as provided for in subsection (1), the expenses shall be chargeable on the Fund.(4)The Corporation shall endeavor to liquidate the business of an institution in an efficient manner in order to minimize costs and undue delay that may impair dividends due to depositors, creditors and contributories and cause losses to the Corporation.