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COMPANIES & INSOLVENCY

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Presentation on theme: "COMPANIES & INSOLVENCY"— Presentation transcript:

1 COMPANIES & INSOLVENCY
INSOLVENCY ACT: Overview, Cross Border & Alternative Procedures ICPSK Seminar, 31 Mar 2017 Charles Kanjama Advocate, CPS(K), CPA(K), M.CIArb, Trained Govce Auditor Muma & Kanjama Advocates COMPANIES & INSOLVENCY SEMINAR SAROVA PANAFRIC HOTEL 2017

2 OUTLINE: Overview of the Act
Part II: Insolvency Practitioners Part III: Bankruptcy of Natural Persons Bankruptcy applications by creditors/debtors Interim trustee, Adjudication of bankruptcy Bankruptcy Trustee: appointment, functions Creditors meetings, bankrupt’s property + provision, Examination of bankrupt Distribution of estate, Discharge of bankrupt Part IV: Alternatives to Bankruptcy

3 OUTLINE: Overview of the Act
Part IV: Alternatives to Bankruptcy Voluntary Arrangements (Supervisors) Summary Instalment Order (Supervisors) No-asset procedure (Official Receiver) Part V: Admin of Insolvent Deceased Estate Part VI: Liquidation of Companies Types of Liquidation: Voluntary (Members, Creditors), By Court. Liquidators: functions, powers

4 OUTLINE: Overview of the Act
Part VIII: Admin of Insolvent Companies Nature, Objectives (s. 521, 522) Appointment of administrator (By Court, Debenture Holder, Company or its Directors). Administrators: functions, powers, process, termination Part IX: Company Voluntary Arrangements Voluntary arrangement – Proposal by directors to creditors/contributories that involves composition of debts or scheme for settling liabilities. Moratorium in place during arrangement.

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