Article (Scientific journals)
Like a Phoenix from the Ashes of Insolvency: An Appraisal of the Rescue Culture of the Kenyan Insolvency Act of 2015
Lichuma, Caroline Omari; Shako, Florence
2020In East African Community, Law Journal, 1 (1), p. 33-50
Peer reviewed
 

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Keywords :
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
Publication date :
October 2020
Journal title :
East African Community, Law Journal
Publisher :
EAC Secretariat,, Arusha, Tanzania
Volume :
1
Issue :
1
Pages :
33-50
Peer reviewed :
Peer reviewed
Focus Area :
Law / European Law
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since 10 October 2022

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