The Business Laws (Amendment) (No.2) Bill, 2021 received presidential assent on March 30, 2021 and brought changes to several statutes, many of which are geared towards improving the ease of doing business in Kenya.
One important amendment to the Insolvency Act, 2015 relates to the funds which are safeguarded for unsecured creditors. Generally, secured creditors are entitled to proceeds realised from the sale of charged assets.
