Corporate Insolvency Act

ZambiaAct of Parliament

The Corporate Insolvency Act is an Act of the Parliament of Zambia. It contains 191 sections. Read its sections below, or ask Levy any question about the Corporate Insolvency Act and get an answer grounded in the Act with citations.

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Sections of the Corporate Insolvency Act

S. 1Short title and commencement
S. 2Interpretati on
S. 3Reference to receiver under enabling instrument
S. 4Appointment of receiver
S. 5Notificati on of appointment of receiver
S. 6Statement of comp any’s affairs
S. 7Offences relating to statement of affairs
S. 8Payment of preferential creditors
S. 9Eligibility f or appointment as receiver
S. 10Disqualificati on of body corporate or firm from appointment as receiver
S. 11Remunerati on of receiver
S. 12Receivers appointed by Court
S. 13Receivers appointed under deed of appointment
S. 14Liabilities of receivers on contracts
S. 15Statement of appointment of receivership on stationery
S. 16Management of assets before disposal
S. 17Statement of affairs and accounts where receiver appointed
S. 18Accounts of receivers
S. 19Report by receiver
S. 20Vacati on of office by receiver
S. 21Resoluti on to beg in business rescue proceedings
S. 22Objections to resoluti on to beg in business rescue proceedings
S. 23Court order to commence business rescue proceedings
S. 24Durati on of business rescue proceedings
S. 25General moratorium on legal proceedings against comp any
S. 26Protecti on of property interests
S. 27Post-commencement finance
S. 28Effect of business rescue on employees and contracts
S. 29Invalidati on of transfer of securities other th an by ordinary course of
S. 30Qualifications of business rescue administrators
S. 31Removal and replacement of business rescue administrat or
S. 32General powers and duties of business rescue administrat or
S. 33Investigati on of affairs of comp any
S. 34Directors to co-operate with and assist business rescue administrat or
S. 35Remunerati on of business rescue administrat or
S. 36Participati on by creditors
S. 37Participati on by holders of comp any’s securities
S. 38Participati on by shareholders
S. 39First meeting of creditors
S. 40Functions, duties and membership of committees of creditors and
S. 41Proposal of business rescue pl an
S. 42Meeting to determine future of comp any
S. 43Considerati on and approval of business rescue pl an
S. 44Failure to adopt business rescue pl an
S. 45Discharge of debts and claims
S. 46Compromise between comp any, creditors and members
S. 47Effect of compromise or arrangement with creditors and members
S. 48Reconstructi on and amalgamati on of companies
S. 49References to member of comp any
S. 50Modes of winding-up
S. 51Liability of members on winding-up
S. 52Limitati on of liability
S. 53Nature of liability of member
S. 54Liability on death or bankruptcy of member
S. 55Jurisdicti on over winding-up proceedings
S. 56Petiti on to wind-up comp any
S. 57Circumstances f or winding-up by Court
S. 58Commencement of winding-up by Court
S. 59Payment of preliminary costs
S. 60Powers of Court on hearing petiti on
S. 61Power to stay or restra in proceedings against comp any
S. 62Avoidance of dispositions
S. 63Avoidance of attachments
S. 64Registrati on of copy of order
S. 65Provisional liquidat or
S. 66Stay of actions
S. 67Appointment of liquidat or by Court and performance of functions in
S. 68Lodging of notice of appointment with Official Receiver and access to
S. 69Control of liquidators by Official Receiver
S. 70Remunerati on of liquidators
S. 71Custody and vesting of comp any’s property
S. 72Statement on comp any’s affairs
S. 73Report by liquidat or
S. 74Powers of liquidat or
S. 75Exercise and control of liquidat or’s powers
S. 76Committee of inspecti on
S. 77Constituti on and proceedings of committee of inspecti on
S. 78Applicati on f or order of release of liquidat or and dissoluti on of comp any
S. 79Order f or release and dissoluti on
S. 80Power to stay winding-up
S. 81Appointment of special manager
S. 82Claims of creditors and distributi on of assets
S. 83Inspecti on of books by creditors and members
S. 84Power to summ on persons connected with comp any
S. 85Power to order public examinati on
S. 86Power to arrest absconding member or officer
S. 87Cumulative powers of Court
S. 88Voluntarily winding-up
S. 89Commencement of voluntary winding-up
S. 90Effect of voluntary winding-up
S. 91Declarati on of solvency
S. 92Appointment and remunerati on of liquidat or
S. 93Duty of liquidat or to c all creditors
S. 94Staying of members’ voluntary winding-up
S. 95Creditors’ voluntary winding-up
S. 96Appointment of committee of inspecti on
S. 97Fixing of liquidators’ remunerati on and vesting of directors’ powers in
S. 98Stay of proceedings after commencement of credit or’s voluntary winding
S. 99Distributi on of assets of comp any
S. 100Court appointed liquidat or
S. 101Reviewing remunerati on during voluntary winding-up
S. 102Powers and duties of liquidators during voluntary winding-up
S. 103Liquidat or to accept shares, etc., as considerati on f or sale of property
S. 104Annual meeting of members and creditors
S. 105Final meeting and dissoluti on of comp any
S. 106Arrangement entered before or during voluntary winding-up binding
S. 107Applications to determine questions or exercise of powers
S. 108Costs
S. 109Limitati on on the right to voluntary wind-up
S. 110Meetings of creditors
S. 111Conduct of meetings of creditors
S. 112Eligibility f or appointment as liquidat or
S. 113Acts of Lquidat or valid
S. 114General provisions on liquidators
S. 115Disposal of comp any’s assets by liquidat or
S. 116Powers of Official Receiver where no committee of inspecti on
S. 117Appeal against decisi on of liquidat or
S. 118Service of document on liquidat or
S. 119Liquidat or’s accounts
S. 120Notificati on of comp any in liquidati on
S. 121Records of comp any
S. 122Payment of surplus funds to members
S. 123Unclaimed assets
S. 124Expenses of winding-up where assets insufficient
S. 125Meetings to ascerta in wishes of members or creditors
S. 126Pro of of debts
S. 127Preferential debts
S. 128Voidance of certa in acts
S. 129Voidance of floating charge
S. 130Liquidat or’s right to recover in respect of certa in sales to or by comp any
S. 131Disclaimer of onerous property
S. 132Restricti on of rights of credit or on executi on or attachment
S. 133Duties of sheriff f or goods in executi on
S. 134Liability f or contracting debt
S. 135Power of Court to assess damage against delinquent officers
S. 136Prosecuti on of delinquent officer and members
S. 137Frauds by officers of companies in liquidati on
S. 138Winding-up of other bodies corporate
S. 139Winding-up of other foreign bodies corporate
S. 140Insolvency practitioners
S. 141Qualifications f or appointment as insolvency practitioners
S. 142Accreditati on of insolvency practitioner
S. 143Register of Insolvency Practitioners
S. 144Insolvency practitioner acting in foreign State
S. 145Eligibilty f or accreditati on
S. 146Applicati on
S. 147Court to have jurisdicti on
S. 148Public policy exceptions
S. 149Additional assistance under other laws
S. 150Limited jurisdicti on
S. 151Access of foreign representative to Court
S. 152Applicati on f or recogniti on of foreign proceedings
S. 153Recogniti on of foreign proceeding by the Court
S. 154Subsequent informati on
S. 155Interim relief during proceedings f or recogniti on
S. 156Relief granted up on recogniti on of foreign proceeding
S. 157Co-operati on and communicati on between insolvency administrat or
S. 158Forms of co-operati on
S. 159Communicati on of proceedings in Zambia after recogniti on of foreign
S. 160Co-ordinati on in concurrent proceedings
S. 161Payment in concurrent proceedings
S. 162Regulations on cross-border insolvency
S. 163Electronic transactions and processes
S. 164Netting off
S. 165Exercise of discretionary power
S. 166Request f or informati on
S. 167Registrati on of documents
S. 168Extensi on of time
S. 169Documents to be in official language
S. 170Administrative penalties
S. 171Offences by officers of companies relating to winding-up or other
S. 172Inducement relating to insolvency practitioner
S. 173Destructi on, alterati on, mutilati on or falsifying of book, etc
S. 174Liability where proper accounts not kept
S. 175Responsibility f or fraudulent trading
S. 176Offence by body corporate and principal officer or shareholders of
S. 177General penalty
S. 178Rules by Chief Justice
S. 179Regulations
S. 180Transitional provisions
S. ISection I
S. IISection II
S. IIISection III
S. IVSection IV
S. IXSection IX
S. VSection V
S. VISection VI
S. VIISection VII
S. VIIISection VIII
S. XSection X
S. XISection XI

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