Explain the remedies available to an aggrieved debenture holder ANSWER Remedies available to an aggrieved debenture holder: • Appointment of receiver. • Petition for winding up. • Sue for the debt. • Foreclosure. • Exercise the statutory power of sale.
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Green Bank gave a loan of Sh.3,0000,000 to Maendeleo Company Ltd. The bank took a floating charge over all the company’s movable and immovable property. The company has defaulted on repayment of the loan. However, the administrative receiver appointed by the bank has noticed that the chattels of the company were not registered and Ujenzi Company which is Maendeleo Company’s creditors are claiming the chattels. Advise the Official Administrative Receiver of his rights over the chattels
Green Bank gave a loan of Sh.3,0000,000 to Maendeleo Company Ltd. The bank took a floating charge over all the company’s movable and immovable property. The company has defaulted on repayment of the loan. However, the administrative receiver appointed by Open …
Last six types of company charges that require registration as outlined in the Companies Act of the Laws of Kenya
Last six types of company charges that require registration as outlined in the Companies Act of the Laws of Kenya ANSWER Circumstances in which a company may issue bonus shares: • There must be authority in the articles. • It Open …
Last six types of company charges that require registration as outlined in the Companies Act of the Laws of Kenya
Last six types of company charges that require registration as outlined in the Companies Act of the Laws of Kenya ANSWER Circumstances in which a company may issue bonus shares: • There must be authority in the articles. • It Open …
Explain the circumstances under which a company may issue bonus shares
Explain the circumstances under which a company may issue bonus shares ANSWER Statutory Limitations • A director cannot guarantee a loan. • In a public company a director outside the age limit for appointment is not qualified for appointment as Open …
the doctrine of ultra vires The Companies Act of the Laws of Kenya imposes certain statutory limitations and obligations on directors. List four of such limitations.
Explain the reason why a third part dealing with the company may concern himself with the doctrine of ultra vires The Companies Act of the Laws of Kenya imposes certain statutory limitations and obligations on directors. List four of such Open …
Describe the categories of persons who do not qualify to be appointed auditors of a company
Describe the categories of persons who do not qualify to be appointed auditors of a company ANSWER Categories of persons disqualified to be auditors: • A body corporate. • An officer or servant of the company. • A person who Open …
State the duties of an Auditor of a company
State the duties of an Auditor of a company ANSWER Duties of an auditor • To acquaint himself with his duties under the Companies Act and the Articles of Association of the Company who books he is called upon to Open …
In relation to the provisions of the Companies Act of the Laws of Kenya, outline general provisions relating to meeting and votes
In relation to the provisions of the Companies Act of the Laws of Kenya, outline general provisions relating to meeting and votes ANSWER The Companies Act, recognises the following meetings : • Statutory Meeting. • Annual General Meeting. • Extra Open …
It is a fundamental principle of company law that the share capital of a company must be maintained. Discuss the legal consequences of this principle
It is a fundamental principle of company law that the share capital of a company must be maintained. Discuss the legal consequences of this principle ANSWER The principle has the following consequences: • A company cannot purchase its own shares. Open …