When the old financial laws regarding implementation of bankruptcy orders were applied to an individual in Kenyas traditional legal landscape, one was not allowed to carry more than Sh100 in their pockets.
The time tested legal provision, which has been the last resort by individuals who are unable to service their debt, now faces several headwinds with the changing financial times and particularly the move to cashless transactions.
Experts say although the declaration of bankruptcy does not discharge one from debt obligation but only protects them from creditors within the period of bankruptcy, the way of determining whether ones economic conditions have changed, necessitating his debt obligation to be …
Read the full article at: http://www.nation.co.ke/business/Mobile-cash-headache-for-law-on-bankruptcy/996-3848534-h7r3fbz/