KENYA Law and Practice Contributed by: Noella Lubano, Paul Kamara, Kateline Mang’ich and Anne Cheloti, Oraro & Company Advocates
of a floating charge with the court and the making of the appointment. 8.2 Claims to Set Aside or Annul a Transaction or a Transfer Under the Insolvency Act, only the relevant officer holder (ie, the administrator, liquidator/provisional liquidator and Official Receiver) has the authority to apply to set aside/annul historical transactions (Sec - tions 677 and 680 of the IA). The presumption is that the application would be made within an insolvency. However, the IA is silent on whether creditors may fund the relevant office holder to make said applica - tion. Once the application to annul a transaction or act is allowed by the court, the transaction is voided and the parties are restored back to the positions they would have been in had the act or transaction not been done.
296 CHAMBERS.COM
Powered by FlippingBook