Insolvency Act 2015; Corporate Insolvency; Personal Insolvency
Abstract :
[en] Caroline Lichuma and Florence Shako posit that the goal of any modern insolvency regime
is to salvage financially viable companies or to provide individuals in financial distress with
breathing room without or before subjecting them to the liquidation or bankruptcy processes.
The application of the Insolvency Act 2015 and the accompanying Insolvency Regulations of
2016, they note, is bound to have a more than positive change in the Kenyan insolvency
regime. In that context, the rescue procedures should be adequately utilized in order to
ensure a lasting change in the administration of the insolvency regime in Kenya. It is hoped
that there will be no need to be ‘rescued from rescue’ procedures as a result of misuse or
abuse of these mechanisms. They convey optimistsm that under the aegis of this fortified
rescue culture, many deserving debtors in Kenya, especially companies worth saving, will live
on to trade and enrich the country.
Disciplines :
Economic & commercial law
Author, co-author :
LICHUMA, Caroline Omari ; Georg-August-Universität Göttingen > Institute of International and European Law
Shako, Florence; Mitullah Shako & Associates
External co-authors :
yes
Language :
English
Title :
Like a Phoenix from the Ashes of Insolvency: An Appraisal of the Rescue Culture of the Kenyan Insolvency Act of 2015
