Petition by creditor-bankruptcy, Financial Accounting

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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.

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