06/05/2025

KENYA SCHOOL OF LAW

INSOLVENCY
PROCEDURES

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Other topics in the curriculum

connected to insolvency
• COMPANIES- Decision making processes/ Passing
of resolutions/ Restructuring

• MPSR- Use of movables/company assets to secure

alternative sources of capital during insolvency or
to offset debts

• MERGERS AND ACQUISITIONS- Restructuring

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• Mumias Sugar Company

• Imperial Bank
• Chase Bank
• Dubai Bank
• Sony Sugar
• Nzoia Sugar
• Choppies Supermarket
• Uchumi Supermarket
• Nakumatt Supermarket
• Karuturi Flowers
• KCC
• Chemilil Sugar
• Muhoroni Sugar
• Webuye Panpaper
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https://
nation.africa/kenya/business/how-private-equity-firm-lost-billions-resolution-ins
urance-3802086
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https://www.standardmedia.co.ke/busia/article/2000027871/how-sk-macharias-estate-got-into-receivership
https://www.the-star.co.ke/news/2020-10-08-sk-macharia-battles-bankruptcy-ruling/?msclkid=90301f51d02411ecaea57c569dc1cc98
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• https://
www.standardmedia.co.ke/national/article/2001421059/raphael-tuju-sues-eadb-bank-seeks-sh31-billion-for-violation-of-cont
ract
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BANKRUPTCY
• Debtors application
• Creditors application
• Discharge from bankruptcy
• Alternatives
• Voluntary arrangement
• Instalment order
• No asset procedure

CORPORATE INSOLVENCY
• Liquidation
• Members Voluntary Liquidation
• Creditors Voluntary Liquidation
• Liquidation by the Court
• Alternatives
• Administration
ATP 108
• Company Voluntary Arrangement WAKIMANI
 Insolvency 06/05/2025

Insolvency is defined as a financial condition or state when:

a.) A legal entity’s liabilities (debts) exceeds their assets-
balance sheet insolvency
b.) When a legal entity’s can no longer meet their debt
obligations on time as they fall due- cash-flow insolvency
Airtel now insolvent
Bankruptcy
Bankruptcy is defined as the result of a successful legal
procedure that results from:
a.) An application to a relevant court by a person (debtor) to
have themselves voluntarily declared bankrupt; or
b.) An application to the relevant court by a creditor of a legal
entity or a person in order to have that legal entity or person
declared
ATP 108 bankrupt; WAKIMANI
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• The Insolvency Act 2015 in Kenya borrows heavily from

the UK Insolvency Act of 1986.
• Highlights of the Act
• It enables persons and entities to continue to operate
as going concerns so that ultimately they may be
able to meet their financial obligations to their creditors
in full or at least to the satisfaction of those creditors.
• It provides for alternative procedures to insolvency and
bankruptcy like administration
• It also provides for liquidation procedures for
incorporated and unincorporated bodies
• It seeks to rehabilitate the debtor and targets the
honest but unfortunate debtor. See
Insolvency Cause No. 11 of 2019 JAJO ENT
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The Insolvency Practitioner
Qualifications Sec 6
• holds a degree from a university recognized in Kenya;
• has at least five years' relevant professional experience as a
member of a professional body recognized under section 7 of the
Act;
• has at least two years' experience in insolvency practice before
commencement of the Act;
• has worked under the apprenticeship of an insolvency practitioner
for at least four years
• satisfies the requirements of Chapter 6 of the Constitution.
• an advocate who has worked for the Official Receiver for not less
than two years automatically qualifies to Act as an Insolvency
Practitioner.
ATP See: July 2021 question 1 (d)
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Insolvency Practitioner Role

Role in Bankruptcy
• Acts as the bankruptcy trustee or interim trustee in respect
of the person’s property or as permanent or interim trustee
in the sequestration of the person’s estate
• as supervisor of a voluntary arrangement

Role in Corporate Insolvency

• Acts as the liquidator, provisional liquidator, administrator of
the company;
• a supervisor of a voluntary arrangement

• A person who, purports to act as an insolvency practitioner in

relation to a company or a natural person commits an offence
and is on conviction liable to a fine not exceeding five million
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The Official Receiver

• The office is a department under the Business
Registration Service, a Semi-Autonomous Government
Agency (SAGA) under the Office of the Attorney General &
Department of Justice.
• The Official Receiver in Insolvency deals with Licensing &
Supervision of Insolvency Practitioners, administration &
supervision of Bankruptcy of Natural persons &
Administration and Liquidation of Companies.
• The Office of the Official Receiver also maintains a
register of Bankrupt and Insolvent entities

SEE
• Services and Fees
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Bankruptcy
• There are two primary objects of bankruptcy.
• First is to vest all the property which the debtor has at the
commencement of the bankruptcy or acquires before his discharge in a
trustee for distribution amongst his creditors equitably according to their
rights.

• Second is to release the debtor from his liability to those creditors at the
end of a specified period subject to his conduct during the bankruptcy

Bankruptcy occurs when the court makes an order in respect of a debtor

adjudging the debtor bankrupt on-
(a)the application of one or more creditors of the debtor made in accordance
with section 17 - 31 of the Insolvency Act 2015; or

(b)on the application of the debtor made in accordance with section 32 - 35.
• what to expect when delcared bankrupt
ATP When a person can be declared bankrupt
• 108 WAKIMANI
Creditors Application 06/05/2025

• The creditor's application for bankruptcy order shall

be in form of a petition in Form 3 set out in the First
Schedule of the regulations and shall be accompanied
by the following documents—
• verifying affidavit which shall be in Form 4 set out in
the First Schedule;
• proof of the debt which shall be in Form 5 set out in
the First Schedule; and
• the application for appointment of trustee which
shall be Form 9 of the First schedule.
• The petition shall be preceded by a statutory
demand and shall be in Form 6 set out in the First
Schedule
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Debtors Application
An application for a bankruptcy order by the debtor may be
made by way of a bankruptcy petition and shall be in Form
10 set make application for out in the First Schedule.

The petition shall be accompanied by the following

documents -
• an affidavit to the petition which shall be in Form 8 set out
in the First Schedule;
• statement of debtors financial position, which shall be
called a "statement of affairs", and shall be in Form 11 set
out in the First Schedule; See Sec 18(3) of the Insolvency
Regulations
• application for appointment of trustee which shall be
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in Form 9 of the First Schedule WAKIMANI
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• A debtor who makes an application is required to publish a notice in
a) a newspaper circulating within the region in which the debtor
ordinarily resides
b) in such other publication (if any) as may be prescribed by the
regulations

• The debtor shall be responsible for the costs of publishing the

statement
• The application also needs to be served on the creditors and the
same given the time to oppose the application if they can show that
the debtor has the ability to pay.
• Once the petition is filed the creditors are prohibited from using any
means to attempt to collect the debt
• Once the petition is filed the court issues an automatic stay which
prohibits creditors from the commencement or continuation of
collection of a debt that arose prior to filing the bankruptcy
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• Once an application for bankruptcy is made then an

interim trustee is appointed to take over the matters
of the debtor. The trustee could be the Official Receiver
or an Insolvency Practitioner. The purpose of a trustee is
to manage the debtors affairs.

• The bankrupt’s property after declaration of bankruptcy

vests in the trustee and the same will apply to any
subsequent acquisition or passing of property into the
bankrupts estate.

• The Bankrupt is then to lodge statement of his financial

position with bankruptcy trustee(Sec 50). This is to
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• Here the Creditors get to inspect the financial statements of
the debtor as well as other interested parties including
unsecured creditors

• After the public examination a meeting can be convened by

the official receiver/trustee or the creditors to chart a way
forward in relation to the outstanding creditors

• Once the debts of a bankrupt individual or of the company

are ascertained, then a plan to pay out creditors according
to the priorities set out in the Act if no other agreement is
reached.
 See: Distribution of bankrupt’s estate- Sections 246-252 of
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The Bankruptcy Trustee

• Sec 59 A Bankruptcy Trustee can be appointed by
• Creditors in a creditors meeting
• By the Official Receiver
• By the Court.
• Two or more persons can be appointed as joint bankruptcy
trustees, but such an appointment is not effective unless it
makes provision for the circumstances in which the trustees are
required to act together and the circumstances in which one or
more of them may act on behalf of the others.
• The appointment of a person as bankruptcy trustee takes effect
only if the person accepts the appointment an takes effect at the
time specified in the document by which the person is appointed.
• Functions of the Bankruptcy trustee- Section 59-74 of the
Insolvency Act 2015
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Annulment of a bankruptcy order Sec 272(2) (a)-(d)
A bankruptcy order can be nullified by the court for the following reasons
a)On consideration it finds that the bankrupt should not have been
adjudged bankrupt
b) It is satisfied that the bankrupts debts have been fully paid or satisfied
c) There has been a substantial change in the bankrupts financial affairs
d) A deed of voluntary arrangement has been approved

An application for annulment can be made to the court by

a) The official receiver
b) An applicant other than the official receiver

On annulment of a bankruptcy order, all property of the bankrupt vested in

the Official Receiver on bankruptcy and not sold or otherwise disposed of by
the
Official
ATP 108 Receiver revests in the bankrupt without the need for a transfer. WAKIMANI
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Discharge from Bankruptcy
• 254.(l) A bankrupt is automatically discharged from
bankruptcy three years after the bankrupt lodged a
statement of the bankrupt's financial position in accordance
with section 50, but may apply to be discharged earlier.
• Automatic discharge was not found in Cap 53. One had to go
to court to get a discharge order and sometimes the court
would hold that the bankrupt order remain in force thus tying
many down in their ability to recover.
• Similarly a creditor can apply to court to cancel the discharge
• A Trustee can also object to discharge
See:
• Debts from which bankrupt is released on discharge-Section
267-269
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Mobile Cash headache for law on bankruptc WAKIMANI

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Alternatives to Bankruptcy
• The Insolvency Act 2015 by the introduction of Part IV thereof
makes provisions for alternative procedures to bankruptcy,
instead of the usual foreclosure mechanism and distribution of
the assets of a non-performing debtor.
a) Voluntary arrangements- (Sec 303-315) this is means a
proposal made by a debtor to the debtor’s creditors for a
composition in satisfaction of the debtor’s debts or a scheme of
arrangement of the debtor’s financial affairs;
• The supervisor is responsible for implementing and supervising a
voluntary arrangement Sec 315
• A "supervisor" in relation to a voluntary arrangement, means the
person who is for the time being performing the functions
imposed as a result of the approval of the arrangement by the
creditors of the debtor
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b) A summary instalment order (Sec 323) is an order

made by the Official Receiver directing the debtor to pay the
debtor's debts-
(a) in instalments or in some other way; and
(b) in full or to the extent that the Official Receiver
considers practicable in the particular circumstances of the
case. Form Summary Instalment Order
c) No asset procedure (sec 343)
(a) the debtor has no realizable assets;
(b) the debtor has not previously been admitted to the no-
asset procedure;
(c) the debtor has not previously been adjudged
(d) the debtor has total debts that are not less than one
hundred thousand shillings and not more than four million
ATP 108
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INSOLVENCY PROCEDURES
CONTINUATION

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What other factors does the court consider before adjudging
a debtor as bankrupt?
• Section 17(2)(c), 17(3) and 17(4), provide that if it becomes clear to
the court that a Debtor is deemed to be unable to pay or has no
reasonable prospect of being able to pay then he is more likely to be
declared bankrupt
• Whether the debtor has made any proposal or attempt to pay the
debt
• That the prescribed Bankruptcy level is specified in Regulation 3 of
Insolvency Regulations to be Khs.250,000/= has been reached
• That there is no outstanding application to set aside a statutory
demand in respect of the debt or any of the debts
• That the debts are not disputed.

What is the effect of bankrupt’s death after bankruptcy

order?
• Section 57 ,If a bankrupt dies after being adjudged bankrupt, the
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What happens to bankrupt’s property after

bankruptcy order?
Section 104 Until the bankrupt is discharged—

(a) all property (whether in or outside Kenya) that the

bankrupt acquires or that passes to the bankrupt vests in the
bankruptcy trustee without that trustee having to intervene
or take any other step in relation to the property, and any
rights of the bankrupt in the property are extinguished;

(b) The powers that the bankrupt could have exercised in,
over, or in respect of that property for the bankrupt’s own
benefit vest in the bankruptcy trustee.

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Duties of a bankrupt- Sections 140.

• A bankrupt shall, to the best of the bankrupt’s ability, assist in
the realization of the bankrupt’s property and the distribution of
the proceeds among the creditors.
• Bankrupt to disclose property acquired before discharge
• Bankrupt to deliver property to bankruptcy trustee on demand
• Bankrupt to give bankruptcy trustee accounting records and
other documents
• Bankrupt to give bankruptcy trustee information relating to
income and expenditure
• Bankrupt to notify bankruptcy trustee of change in personal
information

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An undischarged bankrupt shall not, without the

consent of the bankruptcy trustee or the Court
(either directly or indirectly) Sec 152
• enter into, carry on, or take part in the management or
control of any business;
• be employed by a relative of the bankrupt or
• be employed by a company, trust, trustee, or incorporated
body that is owned, managed, or controlled by a relative of
the bankrupt.
• A bankrupt who contravenes subsection (1) commits an
offence and on conviction is liable to a fine not exceeding
five hundred thousand shillings or to imprisonment for a
term not exceeding two years, or to both.

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Bankrupt entitled to retain certain assets Sec 161
• the bankrupt’s necessary tools of trade;
• necessary household furniture and personal effects (including
• clothing) for the bankrupt and the bankrupt’s relatives and
dependents;
• a motor vehicle.

The maximum value of those assets are

• In the case of the bankrupt’s necessary tools of trade—the
value fixed by the bankruptcy trustee;
• In the case of necessary household furniture and personal
effects the value fixed by the bankruptcy trustee; and
• A motor vehicle—one million shillings or, if a greater amount is
prescribed by the insolvency regulations.

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Bankruptcy Offences
• Offences in relation to debts Section 289
• Offences in relation to property Section 290
• Offence in relation to written statement to creditor Section
291
• Offence in relation to documents, Section 292
• Offence in relation to fictitious losses or expenses Sec 293
• Offences in relation to credit Sec 294
• Offences in relation to obtaining consent of creditors Sec
295
• Offence for bankrupt to leave Kenya without consent Sec
296

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Corporate Insolvency
• A company becomes insolvent if it does not have enough
assets to cover its debts and/or it cannot pay its debts on the
due dates
• When a company is insolvent and nothing can be done to put
the company back to a state of solvency then the following
options are available
a) Liquidation
• Members Voluntary Liquidation
• Creditors Voluntary Liquidation
• Liquidation by the Court

b) Administration

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ATP 108 WAKIMANI

Liquidation 06/05/2025

• Members Voluntary Liquidation

• This can occur when the specific object of forming the
company has expired and the company in a general meeting
has passed a resolution providing for its voluntary liquidation
Sec 393 (a) or
• Sec 393 (b) the company by special resolution resolve to
voluntarily liquidate
• For a voluntary liquidation, it is a requirement under the
Insolvency Act
• that a company be solvent. This is established by the directors
making a
• declaration of solvency
• Under Sec 394 provides that a notice of the resolution shall be
published within 14 days after the passing of the resolution in
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• Additionally notice has to be given to any holder of a floating

charge.
• On or after the commencement of liquidation a company shall
cease to carry out any business, except as may be beneficial to the
liquidation
• Members in a members voluntary liquidation the company shall
appoint one or more liquidators, This must be a qualified IP
practitioner Sec 399
• Any transfer of shares or changes in the directorship or
shareholding is prohibited
• Liquidator manages the process of liquidation
• Upon appointment of the liquidator all powers of the directors cease
• The liquidator ensures meetings are held with the creditors so as to
have an agreeable formula as to the liquidation
• There is also a provision to convert the members voluntary
ATP 108
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• Insolvency (Amendment) Regulations 2018,

• 77A. (1) When making an application for of a company
voluntary liquidation of a company, the Liquidator shall also
lodge the following documents with the Registrar of companies -
• a special resolution of the shareholders regarding the
application for liquidation as set out in Form 32A;
• a statutory declaration in Form 32B as set out in the
First Schedule;
• a statement of financial position in Form 32 as set out
in the First Schedule;
• audited accounts from an auditor approved by the
Official Receiver; and
• proof of payment of the requisite fee for voluntary
ATP 108
liquidation as specified in the Second Schedule. WAKIMANI
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• After this the liquidator shall publish, within thirty days of

appointment as a liquidator, a notice of intention to liquidate in
• a newspaper circulating in the area in which the company has its
principal place of business in Kenya; and
• In the Gazette.
• The liquidator shall then hold the first meeting of creditors within
thirty days of the notice of intention to liquidate.

Creditors Voluntary Liquidation Sec 405

• This is initiated by the creditors of the company where the
company is unable to pay its debts. The first step is a meeting of
creditors convened by the company within 14 days of a meeting at
which a voluntary liquidation is proposed. Notice of this creditors
meeting should be sent to the creditors not less that 7 days before
the meting.
See: End-of-road-for-Nakumatt-after-creditors-vote
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• Liquidation by the court Sec 423
• Only the High Court has jurisdiction to supervise the
liquidation of Companies
• Section 424 provides the circumstances a company may be
liquidated by the Court
• The company has by special resolution resolved that the
company be liquidated by the Court;
• Being a public company that was registered as such on its
original incorporation the company has not been issued with a
trading certificate under the Companies Act, 2015; and more
than twelve months has elapsed since the company was
registered;
• The company does not commence its business within twelve
months from its incorporation or suspends business for a whole
year;
• Except in the case of a private company limited by shares or by
ATP 108 guarantee, the number of members is reduced to below two; WAKIMANI
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• Section 427 of the Insolvency Act 2015 gives the Court wide powers on
hearing liquidation applications as hereunder;
• On hearing a liquidation Petition the Court may
• dismiss it,
• adjourn the hearing conditionally or unconditionally,
• make any interim order, or any other order that it thinks fit

• The following factors are considered in the exercise of discretion

whether or not to make a liquidation order include by the court include;
a) the rights of secured and unsecured creditors as balanced with that of the
Company,
b) the insolvency level of the Company both commercially and under the balance
sheet.
c) Whether all creditors (secured and unsecured) know about the petition to
liquidate

• The end result at the culmination of the Liquidation process is that the
company stands dissolved WAKIMANI
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• The procedure for liquidation by the Court is provided for in Regulation
77B of the Insolvency Act (Amendment) Regulations 2018. For purposes
of Section 425 of the Insolvency Act, an application for liquidation shall
meet the procedural requirements of Regulation 77B (1) of the 2018
Regulations as follows:
(a) by way of Petition in Form 32C set out in the First Schedule
(b) Accompanied by a verifying affidavit in Form 32D set out in the First
Schedule; and

2) The Petition for liquidation shall be accompanied by the

following documents—
(a) A statutory demand if the reason for Petition is indebtedness as set
out in Form 32 E and
(b) A statement of financial position in Form 32 set out in the First
Schedule where necessary.”

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NB:
• In any Petition brought for the purposes of liquidating a
Company, the Court has the discretion once the Petitioner
has established the right to bring a Petition and
established the grounds alleged, to make or deny the
order sought. By the same vein the Court also has an
inherent jurisdiction to strike out any Petition which is
bound to fail or is an abuse of the process of the Court.
• If the Court sees a Petition to liquidate a Company which is
not brought in good faith it would apply its legal mind to
dismiss it with costs
• No order can be made until the debt is proved, where
there is a bonafide dispute, as to its existence.

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Administration of Insolvent companies

• The objectives of administration are
to maintain the company as a going
concern, to achieve a better outcome
for the company’s creditors as a
whole than would likely to be the case
if the company were liquidated
• An administrator is appointed to
mange the affairs and property of the
company in the context provided for
under the Act,
• Appointment of administrators can be
• By an administration order of the
court
• By the holder of a floating charge
ATP •
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• Additionally an application can be made to the court for an
administration order in respect of the company by
• The company itself
• The directors
• Any other person of a class prescribed by the insolvency
regulations e.g Holder of a floating charge

• Once administration order is made in respect of our company it

has the effect of preventing the making of any application for
liquidation and of suspending any pending application for
liquidation other than an application under section 425(6) and
426(1) for the liquidation of a company on the grounds of public
interest while the company is under administration. E.g if it is
discovered the company is running a pyramid scheme
• See Sec 558 Effects of administration orders
• Administration automatically ends after 12 months Sec 593
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Appointment of an administrator
• Once the administrator is appointed the officers of the company or other
persons specified in the regulations they shall provide him with a
statement of the affairs of the company verified by a statutory
declaration as to the truth of its contents.
• The statement enables the administrator to prepare a statement setting
out his proposals as specified in section 522. In addition to sending his
proposals to all the members and creditors of the company under
administration the administrator is also required to lodge a copy of the
proposal statement with the registrar within 60 days after the company
has entered administration.
• After this the first meeting of creditors is held unless the administrator is
satisfied that the property of the company will enable payment of each
creditor in full. In the first creditors meeting the approval of the
administrator’s proposal shall be voted on and thereafter if it is agreed
on then the administrator is required to lodge a report on the meeting
with the court and with the registrar for registration in accordance with
section 570(2)
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• The specific functions and powers of the

administrator are set out in the Fourth Schedule of
the Act.
• See also Sec 580 to 589 of the Act on Powers of an
Administrator

Further Reading
• Peter Kahi Administrator interview
• Crown Bevarages
Kenya LTD and African Cotton Industries Vs Nakumatt
• Primerose Management Ltd & # other Vs Nakumatt
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Company Voluntary Arrangements

• The directors of a company may make a proposal to the
company and to its creditors for a voluntary
arrangement in respect of the company’s debts and
financial affairs.
• An authorized insolvency practitioner must be appointed
to supervise such an arrangement.
• Such voluntary arrangements may also be proposed by
an administrator if a company is in administration or by
a liquidator if the company is in liquidation.
• However, there are restrictions placed on Company
Voluntary Arrangements. In a voluntary liquidation the
process is commenced by the members and/or directors
who by resolution decide to wind up the operations of a
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The arrangement not being an option in the case of the following:
• banking and insurance companies,
• companies under administration or liquidation,
• a company in respect of which a voluntary arrangement has been
carried out,
• companies in public-private partnerships, and
• companies with liabilities of over Ksh 1 bn.
• The Supervisor must within thirty days of the proposal or a longer
period allowed by court, submit a report to the court detailing their
opinion on the viability of the proposal and whether a meeting of the
creditors should be called to vote on it and the date and time of such
a meeting.
• When a company enters into a voluntary arrangement, a moratorium
takes effect. The company is restricted from obtaining further credit
and/or paying its liabilities during the moratorium.
• The company’s creditors will require the court’s approval to enforce
security over the company’s assets or to commence proceedings
ATP 108 WAKIMANI
• A company in respect of which a moratorium has
06/05/2025

effect may dispose of any of its property only if there

are reasonable grounds for believing that the disposal
will benefit the company and the disposal is approved
by the moratorium committee.
• Supervisors- this is a person appointed to oversee
the voluntary arrangement: He/she can convene and
chair meetings with the creditors(See sec 134 of the
Regulations on the conduct of meetings)
• A voluntary arrangement once approved, is binding on
every person, including the secured creditor.
• Insolvency petition No. 25 of 2018. Re: Uchumi
Supermarkets-
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LINKS
1. THE INSOLVENCY ACT, 2015: THE IMPACT ON CREDITORS AND THEIR RIGHT TO REALISE SECURITIES -
https://www.oraro.co.ke/2018/10/17/the-insolvency-act-2015-the-impact-on-creditors-and-their-right-to-realise-securities/
2. SME’S RECEIVE LOANS DURING COVID https
://www.businessdailyafrica.com/markets/marketnews/SMEs-receive-fresh-guarantees/3815534-5568208-117757k/index.html
3. STICKING POINTS IN MOVE TO HELP SMES STAY AFLOAT IN KENYA DURING COVID- https
://www.businessdailyafrica.com/corporate/enterprise/Sticking-points-in-move-to-help-SMEs-stay-afloat/4003126-5568898-8un8t0z/index.htm
l
4. COVID AND INSOLVENCY IN KENYA- https
://www.bowmanslaw.com/insights/restructuring/covid-19-financial-distress-insolvency-and-restructuring/
5. INSOLVENCY IN THE FACE OF COVID https://allafrica.com/stories/202005270833.html
6. IN THE UK- COVID AND INSOLVENCY-
https://www.law.ox.ac.uk/business-law-blog/blog/2020/05/covid-19-and-insolvency-case-light-touch-administration
7. END OF ERA FOR NAKUMATT -
https://www.businessdailyafrica.com/corporate/companies/End-of-road-for-Nakumatt-after-creditors-vote/4003102-5410416-wrjrd1z/index.h
tml

8. UCHUMI LIMPS ON- https://www.standardmedia.co.ke/business/article/2001362660/uchumi-limps-on-as-creditors-approve-new-rescue-

9. NAKUMATT CEO FACES PROBE https://www.businessdailyafrica.com/corporate/companies/Former-Nakumatt-CEO-faces-assets-seizure-
over-loss-of-billions/4003102-5408076-k4l0ryz/index.html
10. HOW NAKUMAT DIRECTORS SIPHONED 1 BN- https
ATP://www.businessdailyafrica.com/corporate/companies/How-Nakumatt-directors-siphoned-Sh1bn/4003102-5404736-13ivd6h/index.html
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12. PETER KAHI TAKES OVER AS NAKUMATT ADMINISTRATOR https://
www.standardmedia.co.ke/business/article/2001267210/nakumatt-now-under-new-management-following-court-order
13. RESTRUCTURING & INSOLVENCY- https://drive.google.com/open?id=1e1sQkqvhHOJOkRsItE54aICNAMQu5zy4
14. STATE GIVE KQ 5 BILLION TO STAY AFLOAT- https://
www.nation.co.ke/business/State-gives-Kenya-Airways-Sh5bn-loan/1950106-5473116-y293knz/index.html
15. 3.6 BILLION ASSETS LINKED TO NAKUMAT CEO TRACED- https://
www.businessdailyafrica.com/news/Sh36bn-assets-linked-to-exNakumatt-CEO-traced/539546-5411852-ixpjec/index.html
16. UCHUMI BLAMES EMPLOYEES AND FAKE SUPPLIERS FOR COLLAPSE-https://www.businessdailyafrica.com/news/539546-5206888-4ssyy8z/index.html
17. HOW NAKUMAT DIRECTORS SIPHONED 1 BN- https://
www.businessdailyafrica.com/corporate/companies/How-Nakumatt-directors-siphoned-Sh1bn/4003102-5404736-13ivd6h/index.html
18. HOW MWAUS EXIT TRIGGERED NAKUMATS DOWNFALL- https://
www.businessdailyafrica.com/corporate/companies/How-Mwau-exit-triggered-Nakumatt-crisis/4003102-4200778-k42tij/index.html
19. INSOLVENCY GUIDE KENYA- https://drive.google.com/open?id=1oAK2XLpM1wcmnVMwlm68ygdlggWsFENq
20. PHILLIP MOI APPEARS IN COURT- https://www.youtube.com/watch?v=GlLHAZ1BxdE
21. FORCE MAJEURE AND COVID: https://wamaeallen.com/the-covid-19-pandemic-qualifying-as-frustration-or-force-majeure-in-contracts/
22. TUSKYS DELAYS SUPPLIER, RENT PAYMENTS ON CASH FLOW HITCH
https://www.businessdailyafrica.com/corporate/companies/Tuskys-delays-supplier--
rent-payments-on-cash-flow-hitch/4003102-5557786-ga9edj/index.html
23. IS COVID THE REASON BEHIND TUSKYS TROUBLES-
https://www.sagaciresearch.com/is-covid-19-really-to-blame-for-the-temporary-closure-of-three-tuskys-supermarkets-in-kenya/
24. MAKING INSOLVENCY IN KENYA MORE SUITABLE IN THE FACE OF COVID-
https://www.nation.co.ke/kenya/blogs-opinion/opinion/making-insolvency-laws-in-kenya-more-suitable-in-the-face-of-covid-19-308054
25. REVIEW INSOLVENCY REGULATIONS TO KEEP BUSINESSES AFLOAT DURING THE COVID PERIOD- https://
ATPwww.businessdailyafrica.com/analysis/columnists/Review-insolvency-regulations-to-keep-businesses-afloat/4259356-5521996-uk5ddl/index.html
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26. ARREST NAKUMATTS ATUL SHAH- https://www.businessdailyafrica.com/corporate/companies/Arrest-Nakumatt-Atul-Shah/4003102-5579114-lgm0g4z/index.html
27. WINDING UP OF COMPANIES, LIQUIDATION, DISSOLUTION, DE-REGISTRATION IN KENYA- MUTUKU MBITHI BUTOYI ADVOCATES-https://www.mmbadvocates.com/liquidatio-n/
28. WHY SUPERMARKETS IN KENYA ARE COLLAPSING ONE-BY-ONE LIKE FLIES
https://www.nation.co.ke/kenya/life-and-style/smart-company/why-supermarkets-kenya-collapsing--1916696
29. TUSKYS CREDITORS, SUPPLIERS MUST MAKE PAINFUL CHOICES
https://www.businessdailyafrica.com/analysis/editorials/Tuskys-creditors-suppliers-must-make-painful-choices/4259378-5608088-11oxeyx/index.html
30. TUSKYS REVEALS SH6.2 BILLION SUPPLIER DEBTS
https://www.businessdailyafrica.com/corporate/companies/Tuskys-reveals-Sh6-2-billion-supplier-debts/4003102-5607596-uop3e1/index.html
31. MURDER AS PLUNDER AND BLUNDERS SEND NAKUMATT UNDER https://www.nation.co.ke/kenya/nation-prime/murder-plunder-blunders-nakumatt-kenya-1918208
32. NAKUMATT'S DEATH: THE GIANT ELEPHANT IN THE ROOM https://www.nation.co.ke/kenya/nation-prime/nakumatt-supermarket-death-kenya-1917868
33. FROM KIRUBI TO CIANO, UCHUMI WAS A SINKING SHIP https://www.nation.co.ke/kenya/nation-prime/uchumi-kirubi-ciano-kenya-1917508
34. UCHUMI’S FALSE START AND FAIRY-TALE RUN TO PROFITABILITY https://www.nation.co.ke/kenya/nation-prime/uchumi-false-start-profitability-kenya-1916818
35. Creditors make a move on Tuskys https://www.nation.co.ke/kenya/nation-prime/debtors-tuskys-family-kenya-1919360
36. The Insolvency Act, 2015: The Impact on Creditors and Their Right to Realise Securities-
https://www.oraro.co.ke/2018/10/17/the-insolvency-act-2015-the-impact-on-creditors-and-their-right-to-realise-securities/
37. How family feud is killing Tuskys founder’s dream https://www.nation.co.ke/kenya/nation-prime/tuskys-family-feud-kenya-1920026
38. Fall of Big 3: Agony of traders in retail superstars’ demise- https://www.nation.co.ke/kenya/business/fall-of-big-3-agony-of-traders-in-retail-superstars-demise--1916820
39. Secured Creditors and Administration. https://drive.google.com/file/d/1zGTp2PCF8CPh1DcKGKoW3B2He7-pJ665/view?usp=sharing
40. Auctioneers shut down Tuskys store in Kisumu- https://
www.businessdailyafrica.com/corporate/companies/Auctioneers-shut-down-Tuskys-store-in-Kisumu/4003102-5611932-wwtu2b/index.html
41. Receivership and Administration- https://www.businessdailyafrica.com/bd/opinion-analysis/ideas-debate/what-separates-administration-from-receivership-3214586
42. Peculiar Spot landlords find themselves during insolvency proceedings https://
www.businessdailyafrica.com/bd/opinion-analysis/columnists/peculiar-spot-landlords-find-themselves-during-insolvency-proceedings-2260930
43. Pre-insolvency proceedings- https://www.businessdailyafrica.com/bd/opinion-analysis/columnists/is-proposed-cma-recovery-board-akin-to-pre-insolvency-proceedings--2267912
44. TUSKIES TRAGEDY PART 1- https://www.youtube.com/watch?v=We79HZKhfTc
45. TUSKIES TRAGEDY PART 2- https://www.youtube.com/watch?v=e9QcXgbE4h8
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ATP 108 WAKIMANI