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Procedure liquidating a company kenya

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Winding-up (or liquidation) initiated by the court is compulsory winding-up.

The company itself, its creditors, the Registrar of Companies, the Financial Secretary, or Official Receiver may file a winding-up petition against the company.

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The Government is entitled to delete, suspend or edit all information on this publication at any time at its absolute discretion without giving any reason.

[For details, please contact the Legal Aid Department direct.] deliver a sealed copy of the petition to the registered office of the company or, in case there is no registered office of the company, the principal or last known principal place of business of the company; and Note If the petitioner believes that the assets of the company are in jeopardy, he may apply to the court, after the filing of the winding-up petition, for the appointment of a provisional liquidator to safeguard the assets of the company prior to the hearing of the petition.

This will require a further sum of ,500 to be deposited with the Official Receiver's Office by the petitioner.

Numerous other Acts, statutory instruments and cases relating to labour, banking, property and conflicts of laws also shape the subject.

UK law grants the greatest protection to banks or other parties that contract for a security interest.

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[4] The failure to set a commencement date for the Act, and ongoing possibility of its amendment, poses considerable challenges in determining the applicable law.

After a winding-up order has been issued, the court will appoint a liquidator, otherwise, the Official Receiver may act as provisional liquidator. it is solvent), it may wind up its business by way of members’ voluntary winding-up.

If the liquidator reckons that the company cannot pay off all its debts within the timeframe specified in the Certificate of Solvency, he may change the winding-up procedure to creditors’ voluntary winding-up.

United Kingdom insolvency law regulates companies in the United Kingdom which are unable to repay their debts.

While UK bankruptcy law concerns the rules for natural persons, the term insolvency is generally used for companies formed under the Companies Act 2006. the modern policy of UK insolvency law has been to attempt to rescue a company that is in difficulty, to minimise losses and fairly distribute the burdens between the community, employees, creditors and other stakeholders that result from enterprise failure.