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{
    "id": 5759,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/5759/?format=api",
    "text_counter": 272,
    "type": "speech",
    "speaker_name": "Prof. Muigai",
    "speaker_title": "The Attorney General",
    "speaker": {
        "id": 408,
        "legal_name": "Githu Muigai",
        "slug": "githu-muigai"
    },
    "content": " Mr. Temporary Deputy Speaker, Sir, I beg to answer:- (a)Under Section 212 of the Companies Act, which is Cap.486 of the laws of Kenya, the receiver maybe appointed under the following conditions:- 1. Maybe appointed by the court whenever a winding up process is commenced under the supervision of the court. In most cases, the official receiver would be appointed by the court as the provisional liquidator subject to confirmation, or otherwise, at the first creditors’ meeting. 2. An appointment by debenture holders. This will usually be banks, pursuant to powers vested in them under the debentures. 3. Appointment by statutory bodies pursuant to powers vested in them by statute. These examples would include the Deposit Protection Fund under the Banking Act, or the Commissioner of Insurance under the Insurance Act. 4. Finally, where there is a voluntary winding up and the shareholders of a company opt to wind up the company. Mr. Temporary Deputy Speaker, Sir, as a general rule, any person maybe appointed a receiver so long as they are not un-discharged bankrupts or they are not a body corporate. In fact, most receivers will be accountants or lawyers, or professionals knowledgeable in the management of companies."
}