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{
    "id": 494397,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/494397/?format=api",
    "text_counter": 226,
    "type": "speech",
    "speaker_name": "Hon. Chepkong’a",
    "speaker_title": "",
    "speaker": {
        "id": 1154,
        "legal_name": "Samuel Kiprono Chepkonga",
        "slug": "samuel-kiprono-chepkonga"
    },
    "content": "In Clauses 523 to 529, the Bill provides for the appointment of administrators otherwise than by the courts. There are instances in this proposed law, where instead of going through the very expensive process of filing cases in court and paying court fees, this law provides for a simplified process in which an administrator is appointed outside the court process. The law provides for the administrators’ qualifications, how they are appointed, their duties, and status. Clauses 603 to 615 are provisions on termination of appointment of administrators. In the past, it has been difficult to terminate those who have been appointed as official receivers because they keep filing reports, claiming that they have not done much in terms of unearthing what happened to the company and why it went into liquidation. In these clauses, the proposed law gives opportunity to shareholders and creditors to file a suit against administrators who misconduct themselves in the process of managing a company that is under liquidation. They also provide for the method in which an administrator can be removed, and where they cease to be qualified. As you know, all administrators will be expected to be registered by a particular body, and if they cease to be qualified in accordance with the qualifications set out by that body, they will cease to be administrators and will be removed as administrators of a particular company under liquidation or receivership. I would like to mention a few clauses as you have advised, so that I can allow others to join this process. Clauses 498 to 511 create offences relating to the conduct before and during the company’s liquidation. For instance, there is a provision that takes care of insolvent practitioners who perform fraudulent acts while the company is under liquidation, or persons are under bankruptcy. Such persons will be committing criminal offences. They provide for instances when the administrator engages himself in transactions that are intended to defraud the creditors of a company. It also creates The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor."
}