What is insolvency? An individual is insolvent if he/she is unable to discharge his or her debts as they fall due. A company is insolvent if it does not have enough assets to cover its debts, that is, the value of its assets is less than the value of its liabilities, or if it is …
In Part 1 of this article, we explored the various insolvency procedures that are available to an individual undergoing financial hardship. In this second part of the article, we are going to explore liquidation as an insolvency procedure for a corporate entity undergoing financial hardship. A company is defined under the Insolvency Act, 2015 to …
In 2017, the Government sponsored the enactment of the Movable Property Security Rights (MPSR) Act to enable instant and efficient registration of security rights of movable properties through an electronic system. The system promotes access to credit for Medium, and Small Enterprises (MSMEs), low-income earners and other owners of movable assets. MyGovwriter, Mutiso Mbithi interviewed …
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