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CREDITORS' VOLUNTARY WINDING UP:
If no declaration of solvency is made and delivered to the registrar, the liquidation process is a creditors' voluntary winding up even if in the end the company pays its debts in full.
To commence a creditors' voluntary winding up the directors convene a general meeting of member to pass a special resolution. They also convene a meeting of creditors, sending notices to creditors individually and advertising the meeting once in the Kenya Gazette and once at least in a newspaper circulating in Kenya: s.286(2).
The meeting of members is held first and its business is:
(a) to resolve to wind up;
(b) to appoint a liquidator; and
(c) to nominate representatives to be members of the committee of inspection.
Exceptions for Nemo Dat Quod Non Habet However the "nemo dat" rule is subject for the following exceptions such are provided by the Act: like; (a) Estoppel With S.23
Explanatory statement - mergers and winding up: It is also necessary that the members or creditors who are to vote on the scheme should be able to understand its full effects.
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