Petition by creditor-bankruptcy, Financial Accounting

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







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