These Regulations may be cited as the Insolvency Regulations, 2016.

Except as provided under paragraph (3) these Regulations shall come into operation on the day after the date on which they are published in the Kenya Gazette.

If a provision of the Act, is not in operation on the day referred to in paragraph (2) and a provision of these Regulations which gives effect to the provision, such provision shall come into operation on the date on which the provision shall come into operation.

A notice or statement shall be in writing unless the Act or these Regulations provide otherwise.

A document in print form is adequately authenticated if it is signed.

Deleted by L.N. 7/2018, r. 3.

A document in print form is adequately authenticated if it is signed.

Where the Act or these Regulations require a notice to be published in the Kenya Gazette, the notice shall contain the details set out in this Part, in addition to any details specifically required by the Act or any other provision of these Regulations.

Despite paragraph (1), information required to be contained in the Gazette Notice may be omitted if it is not reasonably practicable to obtain the information.

This Regulation applies to applications made in Court pursuant to the provisions of the Act, but does not apply to an application for an administration order, a winding up petition or a bankruptcy petition.

The application shall be signed by the applicant or the applicant's advocate.

All applications shall be by notice of motion.

An advocate who has worked for the Official Receiver for not less than two years automatically qualifies to Act as an Insolvency Practitioner.

The Official Receiver may waive the requirements set out under subregulation (1) (a) where the applicant has practised insolvency for at least ten years prior to the commencement of the Insolvency Act, 2015.

The Official Receiver shall, within thirty days of the decision under sub-regulation (3), communicate such waiver to the applicant, in writing.

A person shall make an application to act as an insolvency practitioner under section 8 of the Act by submitting to the Official Receiver a duly completed application form.

The application under paragraph (1) shall be in Form 1 set out in the First Schedule and shall be accompanied by a fee specified in the Second Schedule.

Upon receipt, verification and acceptance by the Official Receiver of the applicants' duly filled application form, the applicant shall be required to undertake a professional examination to be administered by the Official Receiver at a prescribed fee.

Upon receipt of the requisite fees under paragraphs (2) and (3), the Official Receiver shall within thirty days' communicate to the applicant on the acceptance of the application or refusal to issue the authorisation and shall where he has declined the application he shall specify the reasons for refusal thereof.

Where the official receiver has accepted the application, the applicant shall be required to obtain a professional indemnity insurance cover, and deposit with the official receiver a security in the form of an enacting bond for purposes of securing the proper performance of the functions of the insolvency practitioner.

The amount of professional indemnity cover and the bond shall be as set out in the Second Schedule.

An insolvency practitioner who wishes to continue to practise as such after the expiry date of his certificate of authorisation shall apply for the renewal of the certificate not earlier than two months and not later than one month before the expiry of the certificate.

The application for renewal of the authorization shall be in Form 2 set out in the First Schedule and shall be accompanied by the renewal fee prescribed in the Second Schedule.

If an application under paragraph (1) has not been processed before the expiry of the relevant certificate of authorisätion, that certificate shall remain in effect until it is either renewed or the applicant is notified that the application has been refused.

A certificate of authorisation renewed under this regulation remains in effect for a further twelve months from the date on which it would have expired and may be further renewed in accordance with this regulation at the end of that period.

If the holder of a certificate of authorisation does not apply for the renewal of the certificate within the time allowed under paragraph (1), or within such extended period not exceeding one month as the Official Receiver may allow, the certificate may not be renewed and, if the holder wishes to continue to practise as an insolvency practitioner, he or she shall be required to make a fresh application under section 8 of the Act.

For the purposes of section 17 of the Act, the procedure for complying with or setting aside a demand is as provided under regulations 16 and 17.

The petition shall be preceded by a statutory demand and shall be in Form 6 set out in the First Schedule.

The statutory demand in subregulation (3) shall be endorsed by the Deputy Registrar of the High Court before it is served on the debtor.

The statutory demand specified in subregulation (3) shall be served on the debtor at least twenty one days before the filing of the petition.

The service of the statutory demand shall be in accordance with the Civil Procedure Rules, 2010.

Subject to any order of the Court under regulation 17 (7), time limited for compliance with the statutory demand shall cease to run from the date on which the application is lodged with the Court.

The debtor's application shall be in Form 7 set out in the First Schedule and shall be supported by an affidavit, which shall be in Form 8 set out in the First Schedule.

On receipt of an application under regulation 16, the Court may, if satisfied that no sufficient cause is shown for granting the statutory demand, dismiss the application without giving notice to the creditor.

The time limited for compliance with the statutory demand shall commence from the date on which the application is dismissed.

Where the creditor responds to the application, the creditor shall serve the response upon the debtor and the Court at least three days before the date of hearing of the application.

On the hearing of the application, the Court shall consider the evidence before it, and may either summarily determine the application or adjourn it, and shall give such directions as it considers appropriate.

If the creditor holds some security in respect of his debt and has complied with paragraph (6) in respect of it, and the Court is satisfied that the security is under-valued in the statutory demand, the Court may require the creditor to amend the demand accordingly, without affecting the creditor’s right to present a bankruptcy application in respect of the original statutory demand.

If the Court dismisses the application, it shall make an Order authorising the creditor to present a bankruptcy application either immediately or on or after a date specified in the Order.

The Registrar of the Court shall, after the Court has made an order under paragraph (8), send a copy of the Order to the creditor.

An application for a bankruptcy order by the debtor shall be made by way of a bankruptcy petition and shall be in Form 10 set out in the First Schedule.

The debtor is required to sign and date the statement of the debtor’s financial position and arrange for the publication of the statement in the Kenya Gazette.

The debtor shall be responsible for the costs of publishing the statement in the Gazette.

A bankruptcy Order under Division 5 Part III of the Act shall be in Form 13 set out in the First Schedule.

For the purposes of section 44 (1) of the Act, the Official Receiver shall issue the Bankruptcy Trustee with Certificate of Appointment which shall be in Form 20 set out in the First Schedule.

A notice required to be given under section 48(3) of the Act shall be in Form 14 set out in the First Schedule.

The Registrar of the Court shall serve the Notice upon the Official Receiver within fourteen days from the date in which the Order was given.

The notice to be published pursuant to section 48 (3) of the Act shall be served upon the creditors by the Official Receiver or the Bankruptcy Trustee within thirty days' from the date of receipt of the Order.

The bankrupt shall be required to sign and date the statement of the debtor's financial position.

For the purposes of section 66 of the Act, a bankruptcy trustee may invest money held in respect of a bankrupt's estate in an authorised investment.

In this regulation, "authorised investment" has the meaning assigned to it under section 4 of the Trustee Act (Cap. 167).

The bankruptcy trustee shall ensure that the estate ledger is balanced with the cash account at the end of each calendar month.

Subject to any directions given by the Official Receiver as to trading accounts, the bankruptcy trustee shall ensure that all sums received by and paid by the bankruptcy trustee are recorded in the cash account.

For the purposes of section 73 (3) of the Act, a bankruptcy trustee's final statement of receipts and payments shall be in Forms 15 and 27 set out in the First Schedule.

A bankruptcy trustee shall arrange for the trustee's final statement of receipts and payments to be published on the Official Receiver's website and the Official Receiver shall not remove that statement from that website for at least four years after the date of discharge of the bankrupt.

A bankruptcy trustee shall ensure that the trustee's final statement of receipts and payments are published in the Kenya Gazette.

Any creditor of a bankrupt's estate may, by notice served on the bankruptcy trustee, the other creditors and the bankrupt, convene a creditors' meeting under section 75 of the Act for the purpose of removing that trustee.

The bankruptcy trustee shall be entitled, not later than seven days' after being served with the notice, to circulate among the creditors and the bankrupt a statement specifying reasons why the trustee should not be removed from office.

Only creditors who are in possession of proofs of the debts owed to them by the bankrupt are eligible to vote at the meeting, and which proofs shall be required to be substantiated by affidavit or statutory declaration.

Creditors specified under paragraph (5) shall be entitled to vote at the meeting either in person or by proxy.

The proxy form shall be in Form 17 set out in the First Schedule.

The proxy form shall be submitted to the Trustee together with a fee prescribed in second Schedule.

The meeting may elect a person other than the bankruptcy trustee to preside at the meeting, but if that trustee presides at the meeting and a resolution is proposed for that trustee's removal, the person presiding may adjourn the meeting only with the consent of at least one-half, in value, of the, creditors present, in person or by proxy and entitled to vote.

If it has been resolved to remove the bankruptcy trustee, the person' presiding at the meeting shall send to the Official Receiver a certificate to that effect, which shall be in Form 19 set out in the First Schedule.

If, at the meeting, the creditors have resolved to appoint a new bankruptcy trustee, the person presiding at the meeting shall, within three days after the date of the meeting, send a certificate of the appointment to the Official Receiver which shall be in Form 20 set out in the First Schedule.

Except as provided by the Act, a bankruptcy trustee may resign office only after convening a meeting of creditors for the purpose of receiving the resignation.

The bankruptcy trustee shall serve notice of the meeting on the creditors and at the same time shall also send a copy of the notice to the Official Receiver.

If two or more persons are acting as bankruptcy trustee jointly, any one of the persons may proceed under this regulation, without affecting the continuation in office of the other or others on the ground that, in the person's opinion and that of the other or others, it is no longer expedient that there should continue to be the present number of joint trustees.

If the meeting resolves to accept the bankruptcy trustee's resignation, the person presiding, at the meeting shall, within three days after the date of the meeting, send to the Official Receiver a certificate to that effect.

If the meeting resolves to appoint a new bankruptcy trustee, the person presiding at the meeting shall, within three days after the date of the meeting, also send to the Official Receiver a certificate of the new bankruptcy trustee's appointment.

The bankruptcy trustee shall attach to, or enclose with, the notice an account of that trustee's administration of the bankrupt's estate, including a summary of that trustee's receipts and payments.

The bankruptcy trustee's resignation is effective on and from the date on which it is given to the Court.

If, at a creditors' meeting convened to accept the bankruptcy trustee's resignation, it is resolved that the resignation not be accepted, the Court may, on that trustee's application, make an order giving that trustee leave to resign which application shall be in Form 22 set out in the First Schedule.

The Registrar of the Court shall send two sealed copies of the order to the bankruptcy trustee, who shall without delay send one of the copies to the Official Receiver.

For the purposes of section 75 (4) of the Act, the court shall, on the application of the Bankruptcy Trustee, make an order in Form 22A as set out in the First Schedule, determining the date on which the Bankruptcy Trustee shall be released.

The application in subregulation (1) shall be made within fourteen days from the date that the notice under section 75 (4) of the Act was given to the court.

The provisions of paragraphs (2) to (8) are prescribed for the purposes of section 141 of the Act.

The period within which the bankrupt is to give notice of property acquired by, or devolving on, the bankrupt, or of any increase in the bankrupt's income, is twenty-one days after the bankrupt has become or ought to have become aware of the relevant facts.

After giving to the bankruptcy trustee notice in respect of property acquired by, or devolving on the bankrupt, the bankrupt shall not, without the trustee's consent in writing, dispose of it during the period of forty two days beginning with the date of the notice.

If the bankrupt disposes of property before giving the notice required by this regulation or in contravention of paragraph (2), the bankrupt shall immediately disclose to the bankruptcy trustee the name and address of the disponee, and provide to that trustee any other information that may be necessary to enable that trustee to trace the property and recover it for the bankrupt's estate.

Subject to paragraph (7), paragraphs (2) to (4) do not apply to property acquired by the bankrupt in the ordinary course of a business carried on by the bankrupt.

A bankrupt who carries on a business shall, at least once every six months, give the bankruptcy trustee information with respect to it, showing the total of goods bought and sold, or the services supplied, and the profit or loss' arising from the business.

The bankrupt shall, if so required by the bankruptcy trustee, provide the bankruptcy trustee with fuller details, including accounts, of the business carried on by the bankrupt.

For the purposes of section 170(a) of the Act, the prescribed amount is the amount fixed for the attendance of witnesses in proceedings before the High Court.

Without prejudice to paragraph (1), the prescribed amount for the attendance of the witness shall be thirty shillings per kilometre or the amount prescribed by Court upon application.

For the purposes of sections 215 (1), 217 (2) and 229 (2) of the Act, the form for submitting a claim in a bankruptcy shall be a proof of debt form and shall be in Form 5 set out in the First Schedule.

Every creditor shall lodge a proof of debt form with the Trustee together with a fee prescribed in the Second Schedule.

For the purposes of section 256 (2) of the Act, the form for objecting to the automatic discharge of a bankrupt is Form 23 set out in the First Schedule.

An objection to the discharge of a bankrupt is to be made to the Court not later than twenty one days before the date on which the bankrupt would, but for the objection, be automatically discharged from bankruptcy.

The Court may not consider an objection unless it is satisfied that copies of the objection have been served on all creditors known to the objector and, if the objector is not the bankruptcy trustee, on the bankruptcy trustee and, if the Official Receiver is not the bankruptcy trustee, on the Official Receiver.

Paragraph (5) applies if the objector is not the bankruptcy trustee or Official Receiver.

To enable the objector to satisfy the condition referred to in paragraph (3), the bankruptcy trustee shall, on being required to so by the objector, provide the objector with a list of the creditors known to the trustee and their addresses.

The form for an application for a summary instalment order under section 324 of the Act is in Form 24 set out in the First Schedule.

Upon making an application for a summary instalment order, the applicant shall serve on the debtor, unless where the debtor is the applicant, and each known creditor a notice that the application has been made.

An application to object to a summary instalment order is in Form 25 set out in the First Schedule.

This regulation applies for the purposes of section 334(1) of the Act.

Unless a summary instalment order otherwise provides, the debtor shall, while the order is in effect, make payments every four months.

If a dividend, other than a final dividend, is less than two thousand, the supervisor may hold that and subsequent dividends over until the accumulated dividend to be paid exceeds that amount.

Despite anything to the contrary in these Regulations, the supervisor has discretion to liquidate a debt if the total amount of the debt payable to the creditor under the order is less than twenty thousand shillings in preference to other admitted debts of a greater amount.

The notice of rejection of a creditor's claim shall be in Form 26 set out in the First Schedule and shall specify the grounds of objection of the claim.

A creditor whose claim has been rejected by the supervisor may apply to the Official Receiver to modify or reverse the supervisor's decision.

An application under paragraph (2) has no effect unless it is made within twenty-one days after the date of a notice given under regulation 52.

The Official Receiver may, after considering any submissions made in accordance with paragraph (4) (b), modify or reverse the supervisor's decision.

This regulation applies to a creditor of a debtor in respect of whom a summary instalment order has effect.

A creditor who wishes to make a claim against the estate of a debtor in respect of whom a summary instalment order has effect shall submit the claim to the supervisor's estate.

The supervisor shall reject a claim that does not conform to the requirements of this regulation.

A creditor may amend a claim form if the supervisor agrees.

This regulation applies if, after a summary instalment order has been made, a person claims that the debtor has incurred a debt before the order was made.

The supervisor may accept the person's late claim for the debt and in that case event the debt shall be included in the administration of the debtor's estate.

If the claim is not accepted, the person may, in accordance with regulation 54 apply to the Official Receiver within twenty one days' after rejection of the claim.

A creditor whose claim is admitted late under this regulation is entitled to be paid a dividend from the date of the order, but this regulation does not affect the distribution of any dividend declared before the date on which the claim was admitted.

This regulation applies if, after a summary instalment order has been made, a person becomes a creditor of the debtor after the summary instalment order has been made.

The creditor may submit a claim form in Form 5 as set out in the First Schedule to the supervisor in respect of the debt and the supervisor may accept the claim.

If the supervisor accepts the claim, the person may be included as a creditor in the administration of the debtor's estate, but is not entitled to be paid a dividend under the order until all creditors who were included in the administration as creditors before the making of the order have been paid.

If the claim is not accepted, the person may, in accordance with regulation 59 apply to the Official Receiver within twenty-one days of the rejection of the claim.

The supervisor shall as soon as practicable notify each creditor in writing whether that person’s claim has been accepted or rejected.

A creditor whose claim has been rejected by the supervisor may apply in writing to the Official Receiver to modify or reverse the supervisor’s decision.

An application made under paragraph (1) is not effective unless it is made within twenty one days after the creditor has been given notice of the rejection of the creditor’s claim in accordance with regulation 59.

After considering the application and any submissions made in accordance with paragraph (3)(b), the Official Receiver shall determine the application by either confirming the supervisor’s decision or modifying or reversing it.

As soon as practicable after making a determination under paragraph (4), the Official Receiver shall notify the supervisor, debtor and creditor of the determination, which shall include a statement setting out the reasons on which it is based.

The application referred to under paragraph (1) is not effective unless the applicant has sent a copy of the application to every person who will be adversely affected by the variation or discharge.

As soon as practicable after receiving an application made under regulation 64 the supervisor shall consider the application and determine whether the order should be varied or discharged

As soon as practicable after making such a determination, the supervisor shall give the debtor and each creditor notice of the determination.

The supervisor or, if no supervisor has been appointed, the debtor shall, if required to do so by the Official Receiver, lodge six-monthly accounts that comply with paragraph (3).

The first six-month period shall commence on the date of the order.

The Official Receiver is entitled to appoint an auditor to audit accounts lodged under this regulation.

For the purposes of an audit, the supervisor or debtor shall, as and when required, produce to an auditor appointed under paragraph (4) all accounts and relevant documents.

The accounts shall be referred to as “Trustee’s statements of receipts and payments” and shall be in Form 27 of the First Schedule.

Within twenty eight days after the discharge of a summary instalment order, the supervisor shall provide the Official Receiver with a statement of receipts and payments.

The summary of receipts and payments shall be Form 27 of the First Schedule.

This regulation does not apply if the supervisor has used the Official Receiver’s trust account for receipts and payments in accordance with the order.

Amounts payable out of the trust account or bank account may be paid only by cheque or electronic funds transfer.

If the supervisor elects not to use the Official Receiver’s trust account for payments to the supervisor, the supervisor shall personally bear the cost of the fees and other expenses incurred in maintaining the bank account that is used for the purpose.

Unless the order provides otherwise, the supervisor is required to make payments to creditors every four months while the summary instalment order is operative.

Despite the provisions of paragraph (1), if a dividend, other than a final dividend, is less than two thousand shillings, the supervisor may hold that and subsequent dividends over until the accumulated dividend to be paid exceeds that amount.

Despite any provision of these Regulations to the contrary, the supervisor may liquidate a debt, if the total of the debt payable to the creditor under the order is less than twenty thousand, in preference to other admitted debts of greater amount.

The form for making an application for entry to the no-asset procedure shall be Form 28 set out in the First Schedule.

For purposes of section 344 (2) (b) of the Act, the form for setting out the debtor’s financial position shall be in Form 12 set out in the First Schedule.

The form for admitting a debtor to the no-asset procedure under section 349 (1) of the Act shall be in Form 29 set out in the First Schedule.

For purposes of section 349 (2) (b) of the Act, the publication and manner of publication of the notice admitting the debtor to the no-asset procedure is by publishing that notice in the Kenya Gazette and one or more newspapers of wide national circulation.

For the purpose of section 402 (4)(a)(iv), the statement of the company’s financial position is required to include a certificate by the liquidator that, to the best of the liquidator’s knowledge and belief, the statement is correct.

Upon lodging the documents under sub-regulation (1) the liquidator shall publish, within thirty days of appointment as a liquidator, a notice of intention to liquidate.

The liquidator shall hold the first meeting of creditors within thirty days of the notice of intention to liquidate.

For the purpose of section 402 (1)(a) of the Act, the statement of accounts shall be in Form 32J as set of the First Schedule.

For the purpose of section 402 (2) of the Act, the notice of liquidator's statement of accounts shall be in Form 32K as set of the First Schedule.

For the purpose of section 407 (3) (a) (i) of the Act, the prescribed details are list of the company’s assets, divided into such categories as are appropriate for easy identification, with estimated values assigned to each category.

A liquidator may resign from office only in accordance with these Regulations.

Before resigning office, the liquidator shall, by notice to the company’s creditors, convene a meeting of creditors for the purpose of considering the liquidator’s resignation, which notice shall be in Form 32L set out in the First Schedule.

At the same time as sending the notice to creditors, the liquidator shall send a copy of to the notice to the Official Receiver.

The liquidator shall attach to, or enclose with, the notice to creditors an account of the liquidator’s administration of the liquidation, including a summary of the liquidator’s receipts and payments, which statement shall be in Form 33 set out in the First schedule.

If two or more persons are acting as liquidator jointly, any one of them may proceed under this regulation, without affecting the continuation in office of the other or others, on the ground that, in the liquidator’s opinion and that of the other or others, the existing number of joint liquidators is no longer necessary.

This regulation applies to a meeting convened to consider the liquidator’s resignation.

If the meeting accepts the liquidator’s resignation, the liquidator shall, as soon as practicable after the meeting, lodge with the Court a copy of the resignation notice, together with a copy of the account sent to creditors under regulation 81 (5).

The liquidator’s resignation is effective as from the date on which the liquidator lodges the copy of the resignation notice with the Court that date to be endorsed on the copy notice by the Registrar of the Court.

If, at a creditors’ meeting convened to accept the liquidator’s resignation, the meeting resolves that the resignation shall not be accepted, the Court may, on the liquidator’s application, make an order giving the liquidator leave to resign.

The Registrar of the Court shall send two sealed copies of the order to the liquidator, who, without delay, shall send one of the copies to the Official Receiver.

The Court shall send two sealed copies of the order to the liquidator, who, without delay, shall send one of them to the Registrar of Companies.

At the time of sending the notice stated under paragraph (1), the convener shall send a copy of the notice to the Official Receiver.

At the meeting, the meeting may elect a person other than the liquidator or the liquidator’s nominee to preside at the meeting.

Despite paragraph (3), if the liquidator or the liquidator’s nominee presides at the meeting and a resolution has been proposed for the liquidator’s removal, the person presiding may adjourn the meeting only with the consent of at least one-half, in value, of the creditors present, either in person or by proxy, and entitled to vote.

If requested by twenty five per centum in value of the company's creditors, excluding those who are connected with the company, the liquidator shall, within three days after receiving the request, convene a meeting under section 468(2)(b) of the Act for the purpose of considering the removal of the liquidator.

At the meeting, the meeting may elect a person other than the liquidator or the liquidator’s nominee to preside at the meeting.

Despite paragraph (3), if the liquidator or the liquidator’s nominee is the person presiding and a resolution has been proposed for the liquidator's removal, the person presiding may not adjourn the meeting without the consent of at least one-half, in value, of the creditors present in person or by proxy and entitled to vote.

This regulation applies when an application is made to the Court for the removal of the liquidator, or for an order directing the liquidator to convene a meeting of creditors for the purpose of removing the liquidator.

The Court may, if it considers that no sufficient cause is shown for the application, dismiss it, but it may do so only if the applicant has been given an opportunity to attend the Court for an ex parte hearing of which the liquidator has been given at least seven days' notice.

If the application is not dismissed under paragraph (2), the Court shall fix a date, time and place for it to be heard.

The Court may require the applicant to make a deposit or give security for the costs to be incurred by the liquidator on the application.

Subject to any contrary order of the Court, the costs of the application shall not be payable out of the assets of the company.

If the Court makes an order removing the liquidator from office, the Registrar of the Court shall send copies of the order to the liquidator and to the Official Receiver.

The Court may include in an order removing the liquidator from office such provisions as it considers appropriate with respect to matters arising in connection with the removal.

If the liquidator's resignation is accepted by a meeting of creditors and the meeting has not resolved against the liquidator’s release, the release takes effect from the time when the liquidator’s resignation takes effect.

If the liquidator is removed by resolution of a meeting of creditors and the meeting has not resolved against the liquidator’s release, the person presiding at the meeting shall state the fact of the liquidator’s release in the notice of the resolution.

When the Attorney General gives the release, the liquidator shall certify it accordingly and send the certificate to the Official Receiver, who shall lodge the certificate with the Court.

The Attorney General shall send a copy of the certificate to the former liquidator, whose release shall be effective from the date of the certificate.

For the purpose of Part VI, Division 8 of the Act, a creditor's claim is a document that a creditor submits to the liquidator for the purpose of proving the debt.

A debt is proved when it is allowed by the liquidator.

A creditor who wishes to lodge a claim in liquidation shall follow the procedure set out in the Third Schedule.

For the purposes of section 474(2)(a) of the Act, the portion of the company’s net assets that are to be made available for the satisfaction of unsecured debts is twenty per centum.

For the purposes of section 474 (3)(a) of the Act, the company’s net assets shall be a minimum of five hundred thousand shillings.

For the purposes of section 475 (5) (a) of the Act, the security to be given by a special manager is an amount not less than the value of the assets in respect of which the special manager is appointed, as estimated by the liquidator or provisional liquidator in the application to the Court for the appointment of the special manager or in a report accompanying the application.

In making an application to the Court for the appointment of a special manager, the applicant shall attach to the application a report that specifies the reasons for the application and includes the applicant’s estimate of the value of the assets in respect of which the special manager is to be appointed.

For the purposes of section 475 (5) (b) of the Act, the accounting records to be prepared and kept by a special manager are the same as those required to be kept by a liquidator.

The intervals at which a liquidator is required to lodge statements with the Registrar under section 489 of the Act are six months.