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The 2023 Privatization Act – Towards Streamlining Privatization

On Monday, 09 October 2023, the President assented to the 2023 Privatization Act. The Act will overhaul the regulatory framework for privatizing public entities established by the 2005 Privatization Act. It represents a notable and hopeful advancement in privatization regulation. It is expected to enhance privatization by simplifying the privatization process and timelines. It is...

Application of the In Duplum Rule in Kenya

The High Court held the in duplum rule in Section 44 of the Banking Act does not apply to non-deposit taking microfinance institutions.[i] The rule limits interest accrual to equal the principal amount outstanding when a loan becomes non-performing. We analyse below the difference between this decision and the one that held in duplum applies...

Change to Allow Use of Pensions to Purchase Homes Quashed

A recent High Court decision[1] barred the withdrawal of pensions for purchasing residential houses. This had been introduced by the Tax Laws (Amendment) Act, 2020 which amended Section 38 (1A) of the Retirement Benefits Act (the RBA Act). These changes were made operational through the Retirement Benefits (Mortgage Loans) (Amendment) Regulations, 2020 (the Regulations). Section...

How Mandatory is the Sectional Properties Act?

Introduction In a judgment delivered on July 28, 2022, the Environment and Land Court in Mombasa declared that a developer intending to make changes to an existing development not anticipated in the original plan should have sought the consent of the unit owners. Case Summary The applicant was the owner of three apartments in a...

Restructuring insolvent firms

Restructuring occurs when a business significantly modifies its debt, operations, ownership, or structure to either improve or protect itself. Restructuring is often but not always, a response to financial pressure felt by a business. It can also be an effective way of improving business performance for example, selling a cost centre. So why should you...

Reconsider insolvency law to save companies from premature death

Statistics published by the official receiver on Kenyan insolvency matters reveal a number of interesting trends. Company voluntary arrangements and administration despite the potential for business rescue have had almost no uptake. Liquidation despite its disadvantages remains the most popular insolvency process. For example, the liquidation of ARM Cement Limited saw secured creditors recover 62...

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