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necessary things for receivershipif no power to appoint a receiver is given by the terms of issue the trustee for the debenture holders or a
receiverships appointment of receiverif a company defaults in payment of principal or interest or otherwise defaults in observing the conditions
illustration of bankruptcynjuguna mwandawiro carrying on a business as a trader in likoni mombasa finds himself insolvent and on 15 august 1997 files
bankruptcy accounts for individuals and partnershipsthese include a statement of affairs and deficiency account a statement of affairs takes the
trustees duties in administering the d of a1 to carry out the trusts of the d of a and to distribute the property assigned to him in accordance with
effect of bankruptcya d of a made for the benefit of creditors generally will be an act of bankruptcy and therefore a bankruptcy petition may be
registration of a d of a and assent of creditorsa d of a will be void unless it is registered with the registrar within 7 clear days after first
nature of a deeds of arrangementto avoid the expense and delay involved in a bankruptcy a debtor in trouble may make a private arrangement with the
deeds of arrangement d of a1 nature of a d of ato avoid the expense and delay involved in a bankruptcy a debtor in trouble may make a private
small bankruptciesthe court may order the estate of a debtor to be administered summarily if the debtors assets are not likely to exceed shs 12000 in
dividendsdividends must be declared and paid in accordance with the following rules1 the first dividend must be declared and paid within four months
order of paymentsthe bankruptrsquos estate must be distributed in the following order1 cost and chargescosts and charges properly incurred in
proof of debtsthe following rules apply as to the proving of debts1 a creditor has no right to vote or receive dividends until his debt is proved to
landlords right of distressthe landlords right to distrain for arrears of rent is not lost on the tenants bankruptcy but1 distress can only be levied
secured creditorsa secured creditor mayrely on his security and not prove at allsurrender his security and prove for the full amount of the
mutual dealingsa right of set-off is allowed where there have been -a mutual credits debts or other dealings resulting in pecuniary liabilitiesb
interestinterest may be claimed-up to the date of the receiving order - if it is payableby agreementby statuteif the debt was created in writing and
provable debtsall debts and liabilities present or future certain or contingent are provable in bankruptcy except1 claims for unliquidated damages in
disclaimer of leasesin principle where the bankrupt is a lessee the lease cannot be disclaimed without leave of the court but such leave is not
time for disclaimerthe trustee may disclaim in writing at any time within twelve months of his appointment or of becoming aware of the property or
effect of disclaimerthe trustee may disclaim onerous property consisting ofland burdened with onerous covenantsstocks and sharesunprofitable
disclaimer of onerous property1 effect of disclaimerthe trustee may disclaim onerous property consisting of land burdened with onerous covenants
assignments of book debtsthe trustee can set aside an assignment of existing or future book debts whether absolute or by way of charge unless the
fraudulent preferencesthe trustee can set aside any transaction effected within the six months preceding the presentation of the petition in
agreements to settle propertythe trustee is not bound by such an agreement if it remains executory if property has already been settled the trustee