ADVOKS GLOBAL · KENYA
Societies Act
35. Procedure if society is insolvent
Edition: 2022-12-31 · In force
35. Procedure if society is insolvent
(1)If the assets of the society are insufficient to enable the debts and liabilities of which the receiver has notice and the costs of the liquidation to be satisfied in full, the liquidator shall—(a)set aside an amount sufficient to meet the costs of the liquidation; and(b)after doing so, divide the balance among the creditors who have proved their debts in proportion to the size of their claims.(2)Except as provided by this Act, the provisions of the Insolvency Act (Cap. 53), relating to the liquidation of a company apply to the liquidation of a society as they apply to the liquidation of a company.