Insolvency, Restructuring and Bankruptcy
Hard economic times in Kenya have seen many businesses unable to pay their debts and thus being pushed to administration and at the verge of winding up. Our insolvency practice comprises of a team lawyers who have been involved in notable corporate insolvencies /liquidation, restructuring work and have experience in alternatives to insolvency such as administration, receivership, company voluntary arrangement or schemes of arrangement. We are well versed in both corporate insolvency and personal bankruptcy.
Below are our other services.
a) Advising on different restructuring and insolvency options available to the business.
b) Undertaking formal or informal insolvency, restructuring, bankruptcy, or administration and assisting with the legalities and strategic advice of entering into the preferred insolvency procedure.
c) Drafting and advising on restructuring plans or proposals.
d) Undertaking court and official receiver processes and filings required under the Insolvency Act.
e) Advising on fiduciary and directors’ duties, particularly in the period leading up to insolvency.
f) Negotiating repayment agreements with creditors or debtors and recovering money owed by an insolvent individual or company.
g) Dealing with Kenya Revenue Authority and claiming reliefs or offsets.
h) Undertaking sale, acquisition, or transfer of insolvency assets or an insolvent business where needed, whether that acquisition is by existing management or an independent third party.
i) Undertaking insolvency litigation and dispute resolution including defending winding-up petition and other creditor actions.
a) Drafting deeds of appointment, engagement contracts, deeds of indemnity, terms of reference between the Insolvency Practitioners and the appointing creditor, company, or directors.
b) Making statutory filings with the Registrar, Official Receiver, High Court, Lands Office and other required/ necessary parties.
c) Review and advise on the preparation of proposals, notices, statements of affairs, correspondence with creditors and other parties, the conduct of creditors meetings etc.
d) Making applications to the Court for appointment of an administrator, extension of administration, an extension of time to comply with statutory requirements, the resignation of administrators and bringing an end to the administration.
e) Advising on employee retention, termination and compensation during insolvency.
f) Guiding the administrator, receiver and liquidator on preferential and other payments.
g) Provision of tax advisory on transactions, payments, KRA demands, County Government rates, etc.
h) Representing the administrator, receiver, liquidator and company in claims brought by or against them.
i) Applying to the court for moratoria to prevent enforcement action by creditors, judgment debtors, auctioneers and other persons in order to preserve the assets.
j) Representing the insolvency practitioners before regulators and undertaking other required government relations assignments.
k) Undertaking due diligence, placing caution and restrictions on the creditor property and advising on agreements for sale or transfer of business and or assets.
l) Drafting, negotiating and advising on contracts and agreements involving the creditor.