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liquidation of companiesa methods of winding upa company may be wound upby the court voluntarily either as a members or a creditors winding up or
static balancing this balancing is complete in the plane of unbalancedynamic balancing in this case two balance planes are needed because forces
receiver necessary statementthe receiver may if necessary require the statement to be submitted bypast or present officers of the companypersons who
receiver appointed by courtif appointed by the court the receiver must give security as directed by the courtthe following notification must be
effects of the appointment of the receiverfloating charges these crystallise on the appointment of a receiver and become fixed on the assets then in
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