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    "id": 575407,
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    "content": "prescribes the powers and functions of the trustee with respect to the estate. This part enables the executor or the administrator of the deceased property or the creditor of the beneficiary of the deceased property to apply for orders from the High Court. Part VI, which includes Clauses 381 to 511 of the Bill, deals with liquidation of companies. It sets out the types of liquidations and provisions that apply to companies that are in that form. It creates offences relating to conduct before and during a company’s liquidation. That part also provides for voluntary liquidation of companies. Part VII, Clauses 512 to 519 of the Bill, relates to the liquidation of a registered company. It specifies the circumstances under which such a company can be liquidated. Part VIII, Clauses 520 to 623 of the Bill, provides for administration - how to administer insolvent companies, the appointment of the administrators of those companies and how to apply for administration orders. It prescribes the effect of the administration orders. It deals with the process of administering. That part also provides for the termination of the appointment of an administrator, and how to replace him or her. Part IX of the Bill provides for the company’s voluntary arrangements. It gives a company powers to make a proposal for creditors for a composition in terms of satisfying the debts, the procedures and the meetings held in that regard. Part X of the Bill, Clauses 677 to 690, sets out the provisions that are applicable to companies that are either in liquidation or under a particular administration. Part XI provides for how to enforce the proposed Act and the legal proceeding of the proposed Act that may be brought under it. It provides for the enforcement of the company’s obligation to lodge complains with the Registrar of Companies. It provides for appeals if you are not contented with the decision of the Registrar. How you can appeal to the Court of Appeal against the decision. How you can appeal for the review of orders made under this Act. Part XII of this Bill, Clauses 701 to 719 provides for the general administration of the proposed Act. It provides for the appointment of the office of receiver. It also stipulates how to keep the registers of the public interests and how to keep the registers relating to the bankruptcy and others. Part XIII, which is Clauses 720 to 735, contains general provisions. It gives some powers to the Cabinet Secretary to provide regulations. The moment we enact this law, the CS in charge is asked to bring regulation under this Act. That should contain the transitional provisions in relation to the existing Acts. In summary, this Bill contains schedules which have very elaborate provisions. It gives effect to different provisions contained in this Bill. The First Schedule specifies the powers of a bankrupt trustee in relation to a bankrupt. The Second Schedule contains provisions relating to the debts of the preferential creditors. The Third Schedule specifies the powers of a liquidator in relation to accompany in liquidation. The Fourth Schedule specifies the powers given to an administrator in relation to a company under administration. The Fifth Schedule contains modified versions of the modern law on cross-border insolvency. The Sixth Schedule sets out the consequential amendments to the Act."
}