In re Mujuni Kenneth (Bankruptcy Petition No. 5 of 2012)
Observed later treatment
No later-treatment classification is recorded for this judgment.
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Holding
Held: The petitioner satisfied all statutory requirements for a receiving order under sections 2, 4, 7, and 8 of the Bankruptcy Act by demonstrating inability to pay debts totalling UGX 215,694,588 and filing a statement of affairs with the Official Receiver. Receiving order granted and estate vested in the Official Receiver. Application for stay of proceedings declined due to absence of evidence of any ongoing proceedings requiring a stay.
Outcome
Receiving order granted; petitioner's estate vested in the Official Receiver; stay of proceedings declined
Facts
Mujuni Kenneth, sole proprietor of Kabs Steel Works, petitioned for a declaration of bankruptcy. He was indebted to four creditors: Uganda Baati Ltd (UGX 64,247,623), Roofing's Limited (UGX 48,440,800), Steel and Tube Industries Ltd (UGX 29,909,450), and Global Trust Bank Ltd (UGX 73,096,750), totalling UGX 215,694,588. The petitioner stated his business faced an economic downturn and he was unable to discharge these debts. He submitted a statement of affairs to the Official Receiver. Demand notices from creditors were attached to the petition. The petitioner sought a receiving order and stay of proceedings, stating he had been threatened with legal action including criminal proceedings for bounced cheques.
Issues
- Whether the petitioner fulfilled the statutory requirements for a receiving order under the Bankruptcy Act.
- Whether the court should grant a stay of proceedings under section 10 of the Bankruptcy Act.
Orders
- Receiving order issued under section 4 of the Bankruptcy Act vesting the estate of the petitioner in the Official Receiver.
- The Official Receiver constituted as receiver under section 8 of the Bankruptcy Act.
- Receiving order to be advertised as prescribed by section 12 of the Bankruptcy Act.
- Prayer for stay of proceedings declined.
- Costs of the petition to be in the cause of the administration of the estate of the petitioner.
Rules and key headnotes
Legislation cited (11)
- Bankruptcy Act Cap 67 s.2(1)
- Bankruptcy Act Cap 67 s.2(1)(f)
- Bankruptcy Act Cap 67 s.2(2)
- Bankruptcy Act Cap 67 s.4
- Bankruptcy Act Cap 67 s.7
- Bankruptcy Act Cap 67 s.7(1)
- Bankruptcy Act Cap 67 s.8
- Bankruptcy Act Cap 67 s.10
- Bankruptcy Act Cap 67 s.12
- Bankruptcy (UK) Rules, 1915 r.145(1)
- Bankruptcy Rules r.166(1)
Full judgment
The original judgment as reported. Read the original PDF before relying on any passage.