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A R Kapila & Company | 17 May 2002
Public Auction Sales – Banks Must Beware Despite Statutory Protection
A recent decision has eroded the protection extended to purchasers at public auction sales. It has become even more difficult for a bank to conclude a public auction sale in exercise of its statutory power of sale, as prospective purchasers will not have the assurance that the sale cannot be challenged in future by the previous owner.
A R Kapila & Company | 15 Mar 2002
Bank Prevented from Honouring Letter of Credit
The High Court recently considered whether an injunction application made by a buyer of goods should be granted to restrain a bank from honouring, paying, transmitting the proceeds or in any manner whatsoever dealing with an irrevocable letter of credit which the bank was contractually bound to pay.
A R Kapila & Company | 7 Dec 2001
Court of Appeal Rules on Statutory Notices When Exercising Power of Sale
The Court of Appeal was recently called upon to decide what constitutes a valid statutory notice by a mortgagee wishing to exercise its power of sale. It decided that such notice will be invalid if it does not expressly state that the sale will be conducted once a three-month notice period has elapsed.
A R Kapila & Company | 31 Oct 2001
Overview (October 2001)
Including: Regulatory Framework; Privatization.
A R Kapila & Company | 5 Oct 2001
Higher Interest Rate is Within the Law
A Kenyan judge has confirmed that the charging of additional interest where a customer borrows sums in excess of agreed limits does not constitute a penalty and can properly be claimed by banks.
A R Kapila & Company | 21 Sep 2001
Overview (September 2001)
Including: Legislative Framework; Case Law Developments
A R Kapila & Company | 29 Jun 2001
Courts Undermine Appointment of Receivers
A recent Court of Appeal decision has caused justified concern within Kenyan banking circles. The judgment is incorrect in law and sets a dangerous precedent. As a result of the decision banks will have to re-evaluate their security portfolios.
A R Kapila & Company | 26 Jun 2001
Capital Markets Authority Provides Guidance
The Capital Markets Authority has issued guidelines for the establishment of credit rating agencies and for the licensing of dealers as market specialists at the Nairobi Stock Exchange. The principal capital markets legislation has also been amended to take account of the authority's experiences as regulator.
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