Corporate Insolvency Act
ZambiaAct of Parliament2017
The Corporate Insolvency Act is an Act of the Parliament of Zambia enacted in 2017. 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.
Sections of the Corporate Insolvency Act
- S. 1Short title and commencement
- S. 2Interpretation
- S. 3Reference to receiver under enabling instrument
- S. 4Appointment of receiver
- S. 5Notification of appointment of receiver
- S. 6(1) Where a receiver is appointed over all or a part of the Statement of
- S. 7Offences relating to statement of affairs
- S. 8Payment of preferential creditors
- S. 9Eligibility for appointment as receiver
- S. 10(1) Subject to subsection (2), a body corporate or firm is
- S. 11Remuneration 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. 17Where a receiver is appointed of the whole, or substantially Statement of
- S. 18Accounts of receivers
- S. 19Report by receiver
- S. 20Vacation of office by receiver
- S. 21Resolution to begin business rescue proceedings
- S. 22(1) Subject to subsection (2), at any time after the adoption
- S. 23(1) An affected person may apply to the Court for an order
- S. 24(1) Business rescue proceedings shall commence when Duration of
- S. 25General moratorium on legal proceedings against company
- S. 26Protection of property interests
- S. 27Post-commencement finance
- S. 28Effect of business rescue on employees and contracts
- S. 29Invalidation of transfer of securities other than by ordinary course of
- S. 30Qualifications of business rescue administrators
- S. 31Removal and replacement of business rescue administrator
- S. 32(1) A business rescue administrator, during business
- S. 33Investigation of affairs of company
- S. 34Directors to co-operate with and assist business rescue administrator
- S. 35Remuneration of business rescue administrator
- S. 36Participation by creditors
- S. 37Participation by holders of company’s securities
- S. 38Participation by shareholders
- S. 39First meeting of creditors
- S. 40Functions, duties and membership of committees of creditors and
- S. 41Proposal of business rescue plan
- S. 42Meeting to determine future of company
- S. 43Consideration and approval of business rescue plan
- S. 44Failure to adopt business rescue plan
- S. 45Discharge of debts and claims
- S. 46Compromise between company, creditors and members
- S. 47Effect of compromise or arrangement with creditors and members
- S. 48Reconstruction and amalgamation of companies
- S. 49References to member of company
- S. 50The winding-up of a company in accordance with this Part Modes of
- S. 51(1) This section applies to a company limited by guarantee, Liability of
- S. 52(1) Despite any other provision in this Act, in the case of Limitation of
- S. 53The liability of a member shall create a specially accruing Nature of
- S. 54Liability on death or bankruptcy of member
- S. 55Jurisdiction over winding-up proceedings
- S. 56Petition to wind-up company
- S. 57Circumstances for winding-up by Court
- S. 58Commencement of winding-up by Court
- S. 59Payment of preliminary costs
- S. 60Powers of Court on hearing petition
- S. 61Power to stay or restrain proceedings against company
- S. 62A disposition of the property of a company, including things Avoidance of
- S. 63Avoidance of attachments
- S. 64Registration of copy of order
- S. 65(1) The Court may provisionally appoint the Official
- S. 66Where a winding-up order is made or a provisional liquidator
- S. 67(1) The Court may, in a winding-up order, appoint an
- S. 68Lodging of notice of appointment with Official Receiver and access to
- S. 69Control of liquidators by Official Receiver
- S. 70Remuneration of liquidators
- S. 71Custody and vesting of company’s property
- S. 72Statement on company’s affairs
- S. 73Report by liquidator
- S. 74Powers of liquidator
- S. 75Exercise and control of liquidator’s powers
- S. 76Committee of inspection
- S. 77Constitution and proceedings of committee of inspection
- S. 78A liquidator may apply to the Court for an order of release
- S. 79(1) In deciding whether to grant an application, made Order for
- S. 80Power to stay winding-up
- S. 81Appointment of special manager
- S. 82Claims of creditors and distribution of assets
- S. 83Inspection of books by creditors and members
- S. 84Power to summon persons connected with company
- S. 85Power to order public examination
- S. 86(1) The Court may, before or after the making of a Power to
- S. 87Any power conferred on the Court, by this Act shall be in Cumulative
- S. 88(1) Subject to subsection (2), a company may be wound-
- S. 89Commencement of voluntary winding-up
- S. 90Effect of voluntary winding-up
- S. 91Declaration of solvency
- S. 92Appointment and remuneration of liquidator
- S. 93Duty of liquidator to call creditors
- S. 94Staying of members’ voluntary winding-up
- S. 95Creditors’ voluntary winding-up
- S. 96Appointment of committee of inspection
- S. 97Fixing of liquidators’ remuneration and vesting of directors’ powers in
- S. 98Stay of proceedings after commencement of creditor’s voluntary winding
- S. 99Distribution of assets of company
- S. 100Court appointed liquidator
- S. 101Reviewing remuneration during voluntary winding-up
- S. 102Powers and duties of liquidators during voluntary winding-up
- S. 103Liquidator to accept shares, etc., as consideration for sale of property
- S. 104Annual meeting of members and creditors
- S. 105Final meeting and dissolution of company
- S. 106Arrangement entered before or during voluntary winding-up binding
- S. 107(1) A liquidator, member or creditor may apply to the
- S. 108Costs
- S. 109Limitation on the right to voluntary wind-up
- S. 110Meetings of creditors
- S. 111Conduct of meetings of creditors
- S. 112Eligibility for appointment as liquidator
- S. 113(1) Subject to this Act, the acts of a liquidator shall be
- S. 114(1) A liquidator shall keep proper records at the
- S. 115A liquidator shall— Disposal of
- S. 116(1) Where a person, other than the Official Receiver, is Powers of
- S. 117A person aggrieved by an act or a decision of the liquidator Appeal
- S. 118Service of document on liquidator
- S. 119Liquidator’s accounts
- S. 120Notification of company in liquidation
- S. 121Records of company
- S. 122Payment of surplus funds to members
- S. 123Unclaimed assets
- S. 124Expenses of winding-up where assets insufficient
- S. 125Meetings to ascertain wishes of members or creditors
- S. 126Proof of debts
- S. 127Preferential debts
- S. 128Voidance of certain acts
- S. 129Voidance of floating charge
- S. 130Liquidator’s right to recover in respect of certain sales to or by company
- S. 131Disclaimer of onerous property
- S. 132Restriction of rights of creditor on execution or attachment
- S. 133Duties of sheriff for goods in execution
- S. 134Liability for contracting debt
- S. 135Power of Court to assess damage against delinquent officers
- S. 136Prosecution of delinquent officer and members
- S. 137Frauds by officers of companies in liquidation
- S. 138Winding-up of other bodies corporate
- S. 139Winding-up of other foreign bodies corporate
- S. 140Insolvency practitioners
- S. 141Qualifications for appointment as insolvency practitioners
- S. 142Accreditation of insolvency practitioner
- S. 143Register of Insolvency Practitioners
- S. 144Insolvency practitioner acting in foreign State
- S. 145Eligibilty for accreditation
- S. 146Application
- S. 147Court to have jurisdiction
- S. 148Public policy exceptions
- S. 149Additional assistance under other laws
- S. 150Limited jurisdiction
- S. 151(1) In an insolvency proceeding undertaken in Access of
- S. 152Application for recognition of foreign proceedings
- S. 153Recognition of foreign proceeding by the Court
- S. 154Subsequent information
- S. 155Interim relief during proceedings for recognition
- S. 156Relief granted upon recognition of foreign proceeding
- S. 157Co-operation and communication between insolvency administrator
- S. 158Forms of co-operation
- S. 159Communication of proceedings in Zambia after recognition of foreign
- S. 160Co-ordination 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 for information
- S. 167Registration of documents
- S. 168Extension 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. 173Destruction, alteration, mutilation or falsifying of book, etc
- S. 174Liability where proper accounts not kept
- S. 175Responsibility for fraudulent trading
- S. 176Offence by body corporate and principal officer or shareholders of
- S. 177General penalty
- S. 178Rules by Chief Justice
- S. 179Regulations
- S. 180A person who was a receiver or liquidator of a company Transitional
- S. IPRELIMINARY PROVISIONS
- S. IIRECEIVERSHIP
- S. IIIBUSINESS RESCUE PROCEEDINGS
- S. IVSCHEMES OF ARRANGEMENTS AND COMPROMISE
- S. IXINSOLVENCY PRACTITIONERS
- S. VWINDING-UP COMPANIES GENERALLY
- S. VIWINDING-UP BY COURT
- S. VIIVOLUNTARY WINDING-UP
- S. VIIIMISCELLANEOUS PROVISIONS ON WINDING-UP
- S. XCROSS BORDER INSOLVENCY
- S. XIMISCELLANEOUS PROVISIONS