ADVOKS GLOBAL · KENYA
Kenya Deposit Insurance Act
60. Completion of liquidation and winding-up
Edition: 2022-12-31 · In force
60. Completion of liquidation and winding-up
(1)Where the Corporation considers that liquidation has been substantially completed, the corporation shall cause to be published in the Gazette the final statement of account in respect of the institution.(2)Any interested person shall within thirty days of the publication under subsection (1) raise objections to any matters set out in the final statement of account in respect of the institution and the Corporation shall address such objections in the manner prescribed.(3)Subject to subsection (2), the Corporation may apply to the High Court for an order to terminate the liquidation and to wind-up the institution.(4)The Corporation shall, upon obtaining an order under subsection (3), cause a notice to that effect to be published in the Gazette.(5)Where upon completion of liquidation of an institution there are unclaimed or surplus assets including monies, such unclaimed or surplus assets or monies shall vest in the Corporation and shall be paid into the Fund.(6)Upon completion of winding-up of an institution, the liquidator may receive payment from debtors and other entities on behalf of a wound-up institution and the amount received shall be paid into the Fund.(7)Where upon completion of liquidation of an institution there are securities held by the institution that are not yet disposed off, the interest of the institution in those securities shall be assigned to the Corporation.(8)The Registrar of Companies and the Registrar of Titles, and any officer or person in charge of a deeds registry, or any other relevant office, shall upon production of any relevant deed, bond, share stock, debenture or other document, make such endorsement and effect such alterations as may be necessary to record the transfer of the relevant property or asset to the Corporation.