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Bankruptcy Law Has Been Abused, Says NSE Chief.
(From The Nation (Kenya) - AAGM)
Byline: Geoffrey Irungu
The stock market wants the law on insolvency amended to protect firms hit by temporary financial problems.
It says the Bankruptcy Act has been abused with receivers quick to liquidate firms that could easily be revived.
The Nairobi Stock Exchange (NSE) proposes that receivers be forced by law to first attempt comprehensively to revive such firms before selling or shutting them down.
Restructure
Currently, there is no legal requirement that a receiver attempt to run the firms they take over as viable businesses, said NSE chairman Jimnah Mbaru in a letter to the …
