A comparative analysis of corporate insolvency laws: what is is the best option for Kenya?
This research makes a comprehensive review of insolvency laws and reforms in the selected jurisdictions namely Kenya, the UK and Mauritius with a view of understanding how Kenya can benefit from the experience of others. The main aim is to evaluate whether Kenyan in-solvency laws supports modern businesses and to consider what, if any, legal reforms might be desirable to better achieve this end. The study commences from a conceptual approach to the legal concepts of corporate insolvency laws then attempts to understand the justification for the existence and role of insolvency law from a theoretical perspective. It then under-takes an in-depth evaluation of the current Kenyan corporate insolvency framework using international benchmarks; in particular by reference to the UNCITRAL Insolvency legislative guide. The exploration of the Kenyan insolvency framework reveals the underlying weaknesses and underscores the need for reforms. It also investigates whether there are any recognizable informal mechanisms that may enable the weaknesses in the formal mecha-nisms to be overcome. Subsequently, the thesis explores whether Kenya can benefit from the experiences of the UK and Mauritius, who may be regarded as successful reformers. It examines the historical evolution of UK corporate insolvency laws and identifies the driving forces behind the successful reform engagements. This exploration of the wellspring of legal traditions and fundamental principles that underpin corporate insolvency provides great insights. The study attempts to understand the potential problems that frustrate reform efforts in Kenya by identifying the insolvency law reform drivers in Kenya and contrasting the influence of the same drivers in Mauritius. Such a comparison offers a perspective that has been lacking in the current scholarship and reform engagements in Kenya and provides theo-retical insights and understanding on how best Kenya can undertake successful reforms.
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