Procedure liquidating a company kenya

04-Oct-2019 08:37 by 10 Comments

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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.

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If a company cannot be saved it is "liquidated", so that the assets are sold off to repay creditors according to their priority.

The main sources of law include the Insolvency Act 1986, the Insolvency Rules 1986, the Company Directors Disqualification Act 1986, the Employment Rights Act 1996 Part XII, the Insolvency Regulation (EC) 1346/2000 and case law.

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.

The court may order the restoration of the deregistered company by the Companies Registry.

Procedures: Winding-up Either the court or the shareholders can terminate the business of a company.

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.

Deregistration Deregistration of a defunct (limited liability) company The company concerned must be a solvent private company incorporated in accordance with the Companies Ordinance, other than those companies specified in section 749(2), or registered in accordance with Part 16 of the Companies Ordinance, and meet the following requirements: To apply for deregistration, the applicant must submit the application to the Companies Registry together with the "Notice of No Objection" issued by the Commissioner of Inland Revenue.