ADVOKS GLOBAL · KENYA
Proceeds of Crime and Anti-Money Laundering Act
80. Effect of winding-up of companies or other legal entities on realizable property
Edition: 2025-11-04 · In force
80. Effect of winding-up of companies or other legal entities on realizable property
(1)When a court has made an order for the liquidation of any company or other legal entity that holds realisable property or a resolution for the voluntary liquidation of the body has been registered in accordance with an applicable law, neither—(a)property for the time being subject to a restraint order made before the relevant time; nor(b)the proceeds of any realisable property realised because of section 75 and for the time being under the control of a receiver appointed under this Part,forms part of the assets of the body.(2)If an order referred to in subsection (1) has been made in respect of a company or other legal entity or a resolution referred to in that subsection has been registered in respect of the body, the powers conferred on a court by sections 68 to 73 and 75(2) or on a receiver appointed under this Part, may not be exercised in respect of any property that forms part of the assets of the body.(3)Nothing in the Companies Act (Cap. 486), the Insolvency Act (Cap. 53), or any other law relating to legal entities in general or any particular legal entity, prohibits a court or receiver appointed under this Part from exercising a power conferred by subsection (2) in respect of property or proceeds referred to in subsection (1).(4)For the purpose of subsection (1), "the relevant time" means—(a)if an order for the body corporate has been made, the time when the application to relevant the court of the application for the liquidation order; or(b)if no such order has been made, the time when the resolution authorising the voluntary liquidation of the body corporate is passed.(5)Section 79(2), with necessary modifications, applies to a legal entity that has directly or indirectly made an affected gift.