Petition by creditor

Any creditor including an assignee of a debt, may petition, provided:

• The debt due to him amounts to at least Shs 1,000;
• The debt is certain and is for a liquidated sum;
• The petition is based on an act of bankruptcy committed within the previous three months.
• The debtor is domiciled in Kenya, or within the previous year has ordinarily resided or carried on business.           

 

A creditor whose debt is less than Shs 1,000 may petition jointly with other, if the aggregate of the debts is Shs 1,000 or more A secured creditor may only petition in respect of the balance unsecured unless he agrees to surrender his security.

Posted Date: 12/12/2012 6:06:38 AM | Location : United States

Ask an Expert

Related Discussions:- Petition by creditor-bankruptcy, Assignment Help, Ask Question on Petition by creditor-bankruptcy, Get Answer, Expert's Help, Petition by creditor-bankruptcy Discussions

Write discussion on Petition by creditor-bankruptcy
Your posts are moderated

Write your message here..

Related Questions

Determine the missing amounts, Two items are omitted from each of the follo... Two items are omitted from each of the following summaries of balance sheet and income statement data for two corporations for the year 2014, Steven Craig and Georgia Enterprises.

What are the u.s. tax consequences of this liquidation for w, 1. Finco is a... 1. Finco is a wholly owned Finnish manufacturing subsidiary of Winco, a domestic corporation that manufactures and markets residential window products throughout the world. Winco h

Non current asset, what is non-current asset what is non-current asset

Explain the transaction exposure versus economic exposure, Explain the Tran... Explain the Transaction Exposure versus Economic Exposure? In brief describe the following term: a) Spot market and forward market.  b) Purchasing Power Parity or PPP.

Designs income statement, Please use the information below to complete Form... Please use the information below to complete Form 1120S and the Schedule K-1%u2019s for Form 1120S. Blank forms can be found on the Hands-On Assignment page or in Doc Sharing. If y

Legal aspects-autonomous branches, Legal Aspects There is no law relating... Legal Aspects There is no law relating to branch accounts but examination problems under this heading are frequently linked to either partnership or company account problems. Ans

Financial accounts, The following items are found in the trial balance of M... The following items are found in the trial balance of M/s Sharada Enterprise on 31st December, 2000. 10 marks Summer 2013 Sundry Debtors Rs.160000 Bad Debts written off Rs 9000 Dis

Please explain why, The following data has been taken from the management a... The following data has been taken from the management accounting reports from Spinnaker Sales. Div A -Income from operations $1,800,000 Total service department charges $1,600,000.

Litigation support and dispute resolution, Litigation Support/Dispute Resol... Litigation Support/Dispute Resolution - A service that CPAs every so often provide to attorneys -for example expert testimony about the value of a business or other asset, for

Revenue Recognition, What are some critics by individuals and professional ... What are some critics by individuals and professional bodies in this joint project?