Insolvency Act

Section Interpretation Section In this Act, unless the context otherwise requires— “ administrative receiver ” means— (a) a receiver appointed over the whole or substantially the whole of the property and undertaking of a grantor ; or (b) a person who would be a receiver but for the appointment of some other person as the receiver of part of a grantor ’s property ; “ administrator ” means a person specified as administrator in an administration deed under section 151 ; “ admissible ”, with respect to a claim , means a claim that may be admitted in liquidation or bankruptcy; “ appointing document ” means the writing by or under which an appointment is made and includes a court order; “ arrangement ” means a composition in satisfaction of an individual ’s debts or a scheme of arrangement of an individual ’s affairs or other arrangement in respect of which an arrangement order is made under section 124 ; “ arrangement order ” means an order made to give effect to an arrangement ; “ asset ” means an asset of a company in liquidation or in the estate of a bankrupt ; “ associated company ” means a company or other business organisation in which the insolvent company holds majority or con...

Section Inability to pay debts Section Subject to subsection (2) and unless the contrary is proved a debtor is presumed to be unable to pay the debtor’s debts if— the debtor has failed to comply with a statutory demand ; the execution issued against the debtor in respect of a judgement debt has been returned unsatisfied in whole or in part; or all or substantially all the property of the debtor is in the possession or control of a receiver or some other person enforcing a charge over that property . On a petition to the court for the liquidation of a company bankruptcy order , evidence of failure to comply with a statutory den by the creditor, shall not be admissible as evidence of inability to pay debts unless the application is made within thirty working days after the last for compliance with the demand. Subsection (1) does not prevent proof of inability to pay by other means. In determining whether a debtor is unable to pay the debtor's debts, contingent or prospective debts may be taken into account. A petition to the court for the liquidation of a company bankruptcy order on the ground of inability to pay debts, may be made contingent or prospective creditor only with the lea...

Section Statutory demand Section A statutory demand shall— be made in respect of a debt that is not less than the prescribed amount referred to in Schedule 2 to this Act and in the case of a debt owed by— A demand by a creditor in respect of a debt made in accord with this section, shall be a demand notice and shall constitute a state demand. an individual is a judgment debtor; or a company is an ascertained debt , but need not be a judgment debt ; be in the prescribed form; except where the debt is a judgment debt , be verified by a statutory declaration attached to the demand; be served on the debtor; and require the debtor, to pay the debt or compound with the creditor or give a charge over property to secure payment of the debt , to the reasonable satisfaction of the creditor, within twenty working days after the date of service or a longer period as the court may order.

Section Setting aside statutory demand Section An application under subsection (1) shall— The court may grant an application to set aside a statutory demand if it is satisfied that— On the hearing of the application, where the court is satisfied that there is a debt due by the debtor to the creditor, that is not the subject of a substantial dispute or is not subject to a counterclaim, set-off or demand, the court may— The court may, on the application of the debtor, set aside a statutory demand . be made within ten working days after the date of service of the demand; be supported by an affidavit; and be served on the creditor with the affidavit, within ten working days after the date of service of the demand. The court may, for sufficient cause, extend the time for making or serving an application to set aside a statutory demand and at the hearing of the application, extend the time for compliance with the statutory demand . there is a substantial dispute whether the debt is owing or is due; the debtor appears to have a counterclaim, set-off or cross ­demand and the amount specified in the demand less the amount of the counterclaim, set-off or cross-demand is less than the prescri...

Section Petition for bankruptcy Section A debtor may petition court for bankruptcy alleging that the debtor is unable to pay his or her debts and the court may, subject to sections 21 and 22 make a bankruptcy order in respect of the debtor. Upon failure by the debtor to satisfy the statutory demand made under section 3 , a petition for bankruptcy shall be presented by a creditor or a debtor and the court may subject to sections 21 and 22 make a bankruptcy order in respect of the debtor. The bankruptcy order made under subsection (1) or (2) , shall declare the debtor bankrupt and shall appoint the Official Receiver as interim receiver of the estate, for the preservation of the estate of the bankrupt . The Official Receiver shall have the powers to sell or otherwise dispose of any perishable and any other goods, the value of which is likely to diminish if they are not disposed of unless court limits the powers or places conditions on the exercise. The bankruptcy shall commence on the date on which the bankruptcy order is made.

Section Statement of affairs Section The statement referred to in subsection (1) shall include— The court shall require a debtor in respect of whom a petition has been presented under section 20 , to file a statement of his or her affairs verified by an affidavit. particulars of the debtor’s creditors, debts and assets; and such other information as may be prescribed. A debtor who contravenes subsection (1) commits an offence and is liable, on conviction, to a fine not exceeding twenty-four currency points or to imprisonment for a term not exceeding one year, or both.

Section Public examination of debtor Section Where a petition for a bankruptcy order is presented to the court under section 20 , the court shall direct that a public examination be held on a day appointed by the court and the debtor shall attend on that day and be publicly examined on his or her affairs, dealings and property . The examination shall be held as soon as conveniently practicable after the expiration of the time given by the court for the submission of the debtor’s statement of affairs under section 21 . A creditor who has tendered proof, or his or her representative authorised in writing, may question the debtor concerning his or her affairs and the causes of his or her failure. The Official Receiver shall take part in the examination of the debtor, and for the purpose may employ an advocate if he or she so desires. If a trustee is appointed before the conclusion of the examination, he or she may take part in the examination. The court may put such questions to the debtor as the court may consider appropriate. The debtor shall, be examined upon oath, and it shall be his or her duty to answer all such questions as the court may put or allow to be put to him or her. Su...

Section Inquiry into debtor’s dealings and property Section This section applies to— The court may require any person referred to in subsection (2) , to submit an affidavit to the court containing an account of his or her dealings with the debtor or to produce any documents in his or her possession, or under his or her control relating to the debtor or the debtor’s dealings, affairs or property . a person known or believed to have any property comprised in the debtor’s estate in his or her possession or to be indebted to the debtor; or a person appearing before court to give information concerning the debtor or the debtor’s dealings, affairs or property .

Section Official Receiver’s notice of commencement of bankruptcy and creditor’s first meeting Section The Official Receiver shall, within fourteen days after the commencement of the bankruptcy— give public notice of the date of commencement of the bankruptcy; and call the creditors’ first meeting.

Section Appointment of trustee Section The creditors’ first meeting shall, appoint a trustee and vest the bankrupt ’s estate in the trustee .

Section Trustee’s notice of bankruptcy and particulars Section The trustee shall, within five working days after his or her appointment, give public notice of— the trustee ’s full name; the trustee ’s physical office address, daytime telephone number and electronic address; and the date of commencement of the bankruptcy.

Section Effect of bankruptcy order Section On the making of a bankruptcy order — the bankrupt ’s estate shall, vest first in the Official Receiver and then in the trustee , without any conveyance, assignment or transfer; and except with the trustee ’s written consent or with the leave of the court and in accordance with such terms as the court may impose, no proceedings, execution or other legal process may be commenced or continued and no distress may be levied against the bankrupt or the bankrupt ’s estate. Subject to compliance with section 10 , nothing in this Act shall prevent the exercise of the power of enforcement of a charge over property in the bankrupt ’s estate.

Section Special manager of bankrupt’s estate Section The court may, on an application under this section, appoint any person to be a special manager of— a bankrupt ’s estate; the business of an undischarged bankrupt ; or the property or business of an individual where an interim receiver has been appointed. An application under this section, may be made by the trustee or interim receiver where it appears to him or her that the nature of the estate, property or business or the interests of the creditors generally, require the appointment of another person to manage the estate, property or business. A special manager appointed under this section shall, have such powers and duties as may be given by court.

Section Duties of trustee Section Without prejudice to subsection (1) , a trustee shall— permit those accounts and records to be inspected by— The fundamental duty of a trustee is to collect, realise as advantageously as is reasonably possible and distribute, the bankrupt ’s estate in accordance with this Part and Part II of this Act. take custody and control of the bankrupt ’s estate; register in his or her names all land and other assets forming part of the bankrupt ’s estate at the making of the bankruptcy order notwithstanding any transactions that may have taken place and any other law; keep the bankrupt ’s estate’s money separate from other money held by or under the control of the trustee ; keep, in accordance with generally accepted accounting procedures and standards, full account and other records of all receipts, expenditures and other transactions relating to the bankruptcy and retain the accounts and records of the bankruptcy for not less than six years after the bankruptcy ends; any committee of inspection unless the trustee believes on reasonable grounds that inspection would be prejudicial to the bankruptcy; or if the court so orders, any creditor; and perform any o...

Section Trustee’s notice to creditors Section Within four working days after issuing the notice under section 24 or a further period as the court may allow, a trustee shall send written notice to every known creditor explaining the right of any creditor to require the trustee to call a creditors’ meeting under section 46 . In determining whether to permit an extension of time under subsection (1) , the court shall take into account any non-compliance of the debtor with section 21 .

Section Application of administration provisions to foreign companies Section This Part shall apply to foreign companies. In this Part, “ company ” includes a foreign company and “ property ” means property in Uganda.

Section Application of receivership provisions to foreign companies Section This Part shall apply to foreign companies. In this Part, “ company ” includes a foreign company and “ property ” includes property in Uganda.

Section Commencement of receivership Section Where the appointment of a receiver is made by court, the receivership shall commence and the appointment shall take effect as specified in the court order. In all other cases, the receivership commences and the appointment takes effect when the receiver accepts the appointment in writing.

Section Liability for invalid appointment of receiver Section Where the appointment of a person as receiver other than by a court order is found to be invalid, the court may on an application of an aggrieved person order the person by whom or on whose behalf the appointment was made to indemnify the person appointed against any liability which arises as a result of the invalidity of the appointment. Notwithstanding subsection (1) , the bona fide transactions of the person appointed as receiver shall not be affected.

Section Notice of receivership Section A receiver shall, not later than fourteen working days after the commencement of the receivership, give public notice of— A receiver shall give notice of the receivership— Where a receiver is charged with an offence under this section, it is a defence to show that— A receiver shall, immediately after his or her appointment give written notice of the appointment to the grantor . the date of the commencement of the receivership; the receiver ’s full name; the receiver ’s physical office address, electronic mail address and daytime telephone number; and a brief description of the property under receivership which has come into his or her possession. Where the grantor is a body corporate, the receiver shall, not later than fourteen working days after the commencement of the receivership, deliver to the Registrar and the Official Receiver a copy of the notice referred to in subsection (2) . where the receiver is an administrative receiver , on every invoice, order for goods or business letter issued by or on behalf of the grantor on which the company ’s name appears, by stating after the grantor ’s name “ receiver appointed”; and in every other cas...

Section Fundamental duty of receiver Section Subject to subsection (1) , a receiver shall have power over the property in receivership with reasonable regard to the interests of— A receiver shall not— The fundamental duty of a receiver is to exercise his or her powers in a manner which he or she believes, on reasonable grounds, to be in the best interests of all persons in whose interests the receiver is appointed. the grantor ; any person claiming, through the grantor , an interest in the property in receivership ; any unsecured creditor of the grantor ; and any surety or guarantor who may be called upon to fulfil any obligation of the grantor to a person in whose interest the receiver was appointed, if that obligation is not satisfied by recourse to the property in receivership . defend any proceedings relating to any breach of duty under this section on the ground that the receiver was acting as the grantor ’s agent or under a power of attorney from the grantor ; or receive compensation or indemnity from the property in receivership or the grantor in respect of any liability incurred by the receiver through any breach of a duty under this section.

Section General duties of receiver Section A receiver shall— Without prejudice to section 183 , a receiver shall perform other functions and duties specified in this Act. take custody and control of all the property which is under receivership; register in his or her names all land and other assets under receivership; investigate the state of affairs of the property under receivership; give a general notice of his or her interest in all property that has not yet come under his or her control; keep all money relating to the property in receivership separate from other money received in the course of, but not relating to, the receivership and separate from other money held by or under the control of the receiver ; keep, in accordance with generally accepted accounting procedures and standards, full accounts and other records of all receipts, expenditure and other transactions of the company ; and retain the accounts and records of the company for not less than six years after the receivership ends. A receiver shall cause the Registrar of titles to have his or her name registered on any land forming part of an estate in receivership upon discovery or recovery of the land, notwithstand...

Section Powers of receiver Section A receiver shall have the powers expressly or impliedly conferred by the appointing document and unless specifically provided to the contrary may— In addition, subject to the appointing document , a receiver who is an administrative receiver may— where the grantor is a company — demand or recover, by action or any other means, all income of the property in receivership ; issue receipts for income recovered; manage any of the property under receivership; inspect at any reasonable time any documents of the grantor or other records relating to the property under receivership, in the custody of the grantor or of any other person; and execute in the name and on behalf of the grantor all documents necessary or incidental to the exercise of the receiver ’s powers. where the grantor is an individual , carry on any business of the grantor ; or carry on the company ’s business and manage the company ’s property and affairs; perform any function and exercise any power that the company or any of its directors or secretary would perform or exercise if the company was not in receivership; and change the company ’s registered office or registered postal address....

Section Receiver’s relationship with third parties Section A person paying money or giving other consideration to a receiver shall not be required to inquire whether the receiver was validly appointed or is authorised to act as a receiver .

Section Role of grantor in receivership Section Where the grantor is a body corporate— Where the grantor is a company in an administrative receivership, the company shall not exercise any of its functions or powers and a director or secretary shall not exercise his or her functions or powers, except with the administrative receiver ’s approval which may be general or specific. The grantor shall make available to the receiver all documents and information relating to the grantor and to all the property under receivership and give all assistance reasonably required by the receiver . If required by the receiver , the grantor shall verify by statutory declaration that the material and information made available to the receiver is complete and correct. it shall make the seal available for use by the receiver on any document required to be executed under the seal; and each director and secretary shall comply with this section as if the director or secretary was the grantor . Any person who does not comply with this section commits an offence and is liable, on conviction, to a fine of one hundred sixty-eight currency points or to imprisonment for a term not exceeding seven years.

Section Rights and obligations of grantor in receivership Section The grantor may bring an action— against the receiver , secured creditor or appointees or any other person for wrongful appointment of the receiver , trespass and other unlawful acts which prejudice the rights and interests of the grantor ; to preserve or protect the estate or interest in receivership where the receiver does not take action; and with the consent and approval of the receiver , in any other case. The grantor shall in an action brought under subsection (1) , establish a prima facie case and furnish security for costs as the court shall consider fit on presentation of the action to court. Where the court grants an ex parte injunction or relief against the receiver or secured creditor in subsection (1) , the injunction or relief shall lapse after fourteen days but court may, in appropriate cases, entertain informal applications for relief inter partes . Notwithstanding the Registration of Titles Act or any other law, a caveat, lien or other encumbrance placed on the assets forming part of the estate under insolvency shall not be sustained for more than thirty days unless the caveator, claimant or person w...

Section Compliance order Section Where a person does not comply with section 187 or with a request of the receiver made under that section, on the application of the receiver , the court may order the grantor or any director or secretary , to comply and may make ancillary orders as the court considers appropriate.

Section Liabilities of receiver Section Notwithstanding any agreement to the contrary, a receiver shall be personally liable— for wages, salary and allowances including sickness and holiday allowances but shall not be liable for payments in lieu of notice that are incurred— Where— A receiver ’s liability under subsection (3) is limited to that part of the rent or other payments which accrue within seven days after the commencement of the receivership and end on— Nothing in subsection (3) or (4) shall— for any contract entered into by the receiver in the exercise of any of the receiver ’s powers, but shall not be liable for the grantor ’s debts; and during the receivership; under a contract of employment adopted by the receiver ; and in respect of services rendered after the adoption of the contract. F or the purposes of subsection (1)(b)(ii) , a contract of employment shall automatically lapse on commencement of the receivership. a grantor continues to use, possess or occupy property under an agreement subsisting at the commencement of the receivership; and legal title to the property is not vested in the grantor , a receiver shall be personally liable, to the extent specified in s...

Section Receiver’s right to indemnity Section A receiver is entitled to indemnity out of the property under receivership in respect of— Nothing in this section shall— personal liability incurred under section 190 ; and remuneration and expenses which are reasonably incurred. limit any other right of indemnity to which a receiver may be entitled; limit a receiver ’s liability on any contract entered into without authority; confer on a receiver any right to an indemnity in respect of liability on any contract entered into without authority; or confer on a receiver any right to indemnity in respect of breach of duty or negligence.

Section Relief from liability for receiver Section Court may relieve a receiver from all or any personal liability incurred in the course of the receivership if satisfied that— the liability was incurred solely by reason of a defect in the appointment of the receiver ; or the receiver acted honestly and reasonably and ought, in the circumstances, fairly to be excused. In exercising the powers conferred under this section, the court may give directions and impose terms and conditions and apportion any liability as the court considers appropriate.

Section Receiver’s preliminary report Section Subject to the appointing document , a receiver shall, within forty working days after his or her appointment prepare and send to the persons referred to in section 195(2) , a preliminary report on the state of affairs of the property in receivership including— The preliminary report under subsection (1) shall include a description of— where the grantor is a company , any circumstances which the receiver is aware of and which reveal that— the particulars of the property under receivership; the particulars of the debts to be satisfied from the property under receivership; the names and addresses of all known creditors with an interest in the property under receivership; the names and addresses of all known creditors of any associated company or other business organisation or person; the particulars of any charge over the property under receivership held by any creditor, including the date on which it was created; particulars of any default by the grantor in making available any relevant information; and any other information as the receiver may consider necessary. the events within the receiver ’s knowledge leading up to the appointment...

Section Receiver’s other reports Section A receiver shall, within twenty working days after— the end of every six months during the receivership; and the termination of the receivership,

Section General provisions on reports Section A receiver shall send a copy of the report to— A receiver may omit from any report required under section 194 or this section, any matter which, if included, would materially prejudice the exercise of the receiver ’s functions but the fact of the omission shall be stated in the report. the grantor ; all persons in whose interests the receiver is appointed; where the receiver was appointed by the court, to the court; and the Official Receiver , Within ten working days after receipt of a written request for a copy of any report prepared under this section, from— (a) a creditor, director or surety of the grantor ; (b) any other person with an interest in any of the property under receivership; or (c) the authorised agent of any of the persons referred to in paragraphs (a) and (b) , the receiver shall send the copy of the report to the person requesting for the report, on payment of a prescribed fee to the receiver . A receiver shall permit a person entitled to receive a copy of any report prepared under this section to inspect the report at the receiver ’s office during regular business hours.

Section Priorities for application of proceeds of receivership Section Where— For the purposes of this section, “ proceeds ” means identifiable or traceable personal property in any form derived directly or indirectly from any dealing with the collateral or proceeds of the collateral, and includes— the grantor is not a company in liquidation, an undischarged bankrupt ; and the property under receivership includes property which is subject to a security interest ; and became subject to that security interest by reason of its application to certain existing property of the grantor and those of its future assets which were property acquired after the receivership or proceeds , A claim specified in section 11(3) , (4) and (5) , to the extent possible and in subsection (1) of this section, shall in the order of priority specified in this subsection be paid before payment of any claim of the secured creditor . a right to an insurance payment or any other payment as indemnity or compensation for loss or damage to the collateral or proceeds ; and a payment made in total or partial discharge or redemption of an intangible, a negotiable instrument, a security or chattel paper. For the purpos...

Section Vacation of office of receiver Section A receiver may resign under subsection (1) by giving not less than five working days’ notice in writing of his or her intention to do so— The office of receiver shall become vacant where the person holding office is removed from office under section 195 or 208 , resigns, dies or becomes unqualified under section 211 . to the appointer; or where the receiver was appointed in the interests of any person other than the appointer, to that person. Where the office of receiver becomes vacant, another person shall be appointed as receiver in the same manner as the original receiver and the Official Receiver shall act as a provisional receiver until a receiver is appointed. A person vacating the office of receiver shall be required to give information and assistance in the conduct of the receivership as that person’s successor reasonably requires. Any person who unreasonably refuses to give information and assistance required for the conduct of the receivership commits an offence and is liable, on conviction, to a fine not exceeding twenty-four currency points or to imprisonment for a term not exceeding one year, or both.

Section Powers of receiver on liquidation or bankruptcy Section Subject to subsection (2) and unless the court orders otherwise, a receiver may be appointed or continue to act as a receiver and exercise all the powers of a receiver in respect of any property of— A receiver holding office in respect of any property referred to in subsection (1) may act as the agent of the grantor only— a company which is in liquidation; or an individual in respect of whom a bankruptcy order has been made. with the approval of the court; or with the written consent of the liquidator or trustee . A debt or liability incurred by a grantor through the acts of a receiver acting as the agent of the grantor in accordance with subsection (2) shall not be taken to be a cost, charge or expense of the liquidation or the administration of the bankrupt ’s estate.

Section Court supervision of receiver Section On the application of— On the application of a receiver , court may give directions on any matter concerning the functions of the receiver . the receiver ; a creditor of the grantor ; or a liquidator , provisional liquidator , administrator or provisional administrator or trustee of the grantor , during or after receivership the court may— in respect of any period, review or fix the remuneration of the receiver at a level which is reasonable in the circumstances and to the extent that the amount of remuneration retained by the receiver is found by the court to be unreasonable in the circumstance, order the receiver to refund the amount; determine whether the receiver was validly appointed; or determine whether the receiver validly assumed control of any property . Subject to subsection (4) , a receiver who during the exercise of his or her powers, acted in accordance with a direction of the court, shall be entitled to rely on the direction as a defence for any claim in respect of the exercise of the powers. The court may order that, by reason of the circumstances in which a direction is obtained, the receiver shall not have the protecti...

Section Enforcement of receiver’s duties Section An application for an order under this section may be made to court by— Where a receiver fails to comply with the court order, the court may, on such terms and conditions as the court considers appropriate— In this section, “failure to comply” means a failure of a receive to comply with a duty arising under— a receiver ; a creditor of the grantor ; or a liquidator , provisional liquidator , administrator or provisional administrator or trustee in bankruptcy of the grantor . Unless ordered by court, a copy of any application made under this section shall be served on the receiver not less than five working days before the hearing of the application and the receiver may appear and be heard at the hearing. relieve the receiver of the duty to comply, in whole or in part; without prejudice to any other remedy which may be available in respect of any breach of duty by the receiver , order the receive to comply to the extent specified in the order; or remove the receiver from office. Where a receiver is removed from office under subsection (3)(c) , court may make an appropriate order for the preservation of the grantor property , including...

Section Termination of receivership by court Section Subject to subsection (3) the court may make an order, on term and conditions as the court considers fit that— An application for the termination of a receivership may be made to the court by a liquidator , administrator or provisional administrate provisional liquidator or a trustee in bankruptcy of the grantor . the receiver ceases to act as receiver from a specified date, and no other receiver shall be appointed in respect of the property under receivership, and order that a copy of the order be delivered to the Official Receiver . The court may make an order under subsection (2) if the court is satisfied that the purpose of the receivership has been fulfilled or that the circumstances no longer justify the continuation of the receivership. Except as otherwise ordered by the court, a copy of any application made under this section shall be served on the receiver not less than five working days before the hearing of the application and the receiver may appear and be heard at the hearing.

Section Application of fines Section The Registrar or court imposing any fine under this Act may direct that the whole or any part of the fine shall be applied in or towards payment of the costs of the proceedings or in or towards rewarding the person on whose information or at whose instance the fine is recovered and subject to any such direction all fines under this Act shall, notwithstanding anything in any other written law, be paid into the Consolidated Fund. Where a default fine is imposed on a person or company under this Act, the default fine shall be paid to the Registrar. The Registrar shall pay the money collected under this section into the Consolidated Fund.

Section Jurisdiction Section The High Court shall have jurisdiction over all matters concerning companies under this Act. In exercising its jurisdiction under Part IX of this Act, the High Court shall have the absolute discretion to make the necessary orders for cross-border insolvency proceedings. Court presided over by a chief magistrate shall have jurisdiction over all insolvency matters against individuals the subject matter of which does not exceed fifty million shillings.

Section Validity of action notwithstanding defect in appointment or qualification Section The acts of— an insolvency practitioner ; the Official Receiver ; a creditors’ committee; or a committee of inspection ,

Section Public notices Section A person required to give public notice of any matter shall do so by inserting notice of the matter in at least one issue of a newspaper of wide circulation in Uganda in the official language.

Section Disposition of property after commencement of liquidation by court is void Section In a liquidation by the court, any disposition of the property of the company , including things in action and any transfer of shares or alteration in the status of the members of the company , made after the commencement of the liquidation shall, unless the court otherwise orders, be void.

Section Listed company under insolvency proceedings to notify Capital Markets Authority Section Where insolvency proceedings are commenced against a company which is listed on any stock exchange, the company shall within fourteen working days notify the Capital Markets Authority in writing of the fact of the commencement of the proceedings.

Section General penalty Section Any person who commits an offence under this Act, for which no other penalty is specifically provided, is liable, on conviction, to a fine not exceeding twenty-four currency points or to imprisonment for a term not exceeding two years, and shall, in addition, pay a default fine.

Section Access to information Section Subject to the Access to Information Act and the Data Protection and Privacy Act, any person may request and have access to information or data in the possession of a trustee , receiver , liquidator , administrator or supervisor.

Section Regulations Section Without prejudice to the general effect of subsection (1) , regulations made under this section may— The Minister may, by statutory instrument, make regulations for better carrying into effect the purposes of this Act. prescribe the forms, amounts or other things required to be prescribed under this Act; prescribe the procedure to be followed by courts in respect of proceedings under this Act; fix fees to be paid for court proceedings under this Act; and provide for any matter prescribed in this Act. Regulations made under this section may prescribe as a penalty for contravention of any provision of the regulations, a fine not exceeding one hundred currency points or to imprisonment for a term not exceeding one year, or both and may also provide in the case of a continuing offence, an additional fine not exceeding ten currency points in respect of each jay on which the offence continues.

Section Power to amend Schedules Section The Minister may, by statutory instrument, with the approval of Cabinet, amend the Schedules to this Act.

Section Application of rules of equity and common law Section The rules of equity and common law applicable to corporate insolvency and bankruptcy of individuals and receivership shall apply except as they are inconsistent with this Act.