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The Legal 500 Hall of Fame Icon The Legal 500 Hall of Fame highlights individuals who have received constant praise by their clients for continued excellence. The Hall of Fame highlights, to clients, the law firm partners who are at the pinnacle of the profession. In Europe, Middle East and Africa, the criteria for entry is to have been recognised by The Legal 500 as one of the elite leading lawyers for seven consecutive years. These partners are highlighted below and throughout the editorial.
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Kenya > Legal Developments > Corporate & Commercial > Law firm and leading lawyer rankings

Editorial

Press releases and law firm thought leadership

This page is dedicated to keeping readers informed of the latest news and thought leadership articles from law firms across the globe.

If your firm wishes to publish press releases or articles, please contact Shehab Khurshid on +44 (0) 207 396 5689 or shehab.khurshid@legalease.co.uk

 

The African Continental Free Trade Area: Towards Increasing Intra-African Trade

Introduction

According to the Organisation for Economic Co-operation and Development (OECD), a free trade area (FTA) is a grouping of countries within which tariffs and non-tariff trade barriers between the members are generally abolished but with no common trade policy toward non-members. The World Trade Organisation (WTO) describes it as thus: ‘trade within the group is duty free but members set their own tariffs on imports from non-members’. Tariffs are generally taxes imposed on imports. Examples of existing FTAs are the North American Free Trade Area (NAFTA) and the European Free Trade Association (EFTA).

Creating a Bigger Pie or Golden Handcuffs? Employee Share Ownership Plans in Kenya

Tips to Consider When Setting Up an Employee Share Ownership Plan

A substantial number of companies have recently installed employee share ownership plans (ESOP). Little is known, however, about how such arrangements work.

Demystifying the Holding of Purchase Price On Stakeholders Basis

The bone of contention between parties when selling or purchasing any piece of land is to whom the Purchase Price (deposit and/or balance) shall be paid pending transfer of the property into the purchaser’s name.

Surviving Tough Times: Is a Scheme of Arrangement

The Solution?

The just concluded capital restructuring of national carrier Kenya Airways PLC, part of which involved twelve of its most significant creditors (the Government of Kenya and eleven commercial banks), is an interesting illustration of one kind of corporate restructuring available to struggling companies under the Companies Act, 2015.

6 Quick Points on Mergers in Kenya

Mergers and Acquisitions is an interesting and vibrant practice that is emerging in Kenya. It is reported that Kenya ranked 4th overall in Africa after South, Nigeria and Ghana as the most sought after country for foreign investors for mergers with local firms/companies. The following is a brief write up on mergers in Kenya

Linking your Business to the eCitizen Portal

With the introduction and recent operationalization of the Business Registration Services (BRS) by the Companies Registry, all applications relating to:

Creditors’ Rights: Possible Recovery Avenues for Creditors

Introduction

The current financial tribulations experienced by market leaders such as Nakumatt and Kenya Airways reveal a disturbing trend for employees, lenders, and the suppliers of goods or services. Failing businesses are increasingly flouting reporting and management rules and norms, leaving creditors in the unfortunate situation of pursuing payments for goods already delivered or services rendered from the crumbling businesses.

Disclosure Of Beneficial Ownership Of Companies: Implications For Private Equity

The Financial Action Task Force on Money Laundering (FATF)[1] through its Recommendation 24 on transparency and beneficial ownership of legal persons, calls on its member states to take measures to prevent the misuse of legal persons for money laundering or terrorist financing. It provides that countries should ensure that there is adequate, accurate and timely information on the beneficial ownership and control of legal persons.

Basic Foundations of Personal Trusts

There have been several attempts to give a holistic definition of a trust. It is worth noting that, within a single trust there can be several sub trusts. In accordance to Underhill in his book “Law of Trusts and Trustees” he defines a trust as “an equitable obligation binding a person (Trustee) to deal with property over which he has control (Trust Property) either for the benefit of persons (beneficiaries) of whom he may himself be one and any one of whom may enforce the obligation.”

The Companies Act 2015, Part II: Director's General Duties - Greater Responsibility and Even Greater

The new Companies Act 2015 has gone to great lengths to usher in reforms particularly in the management of companies by clarifying the duties of directors, identifying actions to determine their unfitness for their role and penalties for the breach of their duties either by action or inaction on their part. A director now must not only grasp the new duties owed by a director under the Act but also comprehend the consequences of breaching these duties.

The Companies Act 2015, Part I: The Game Changer

The Companies Act 2015 (the “Act”) was published on 18th September 2015 and will eventually replace the previous Companies Act which had been in place for over 50 years[1].  The Act is one amongst other statutes including the Insolvency Act 2015[2] recently enacted for the purpose of modernizing the laws regulating Kenya’s business environment. The Act aims to:

The Companies Act 2015, Part III: Shareholder Gains & Management Oversight

Several changes have been introduced by the Companies Act 2015 that will impact greatly on shareholders. The changes seek to combat shareholder apathy particularly in decision making in public companies, provide greater access to corporate information to enhance transparency, embrace the benefits of the digital era in communication to shareholders and regulatory procedures. More importantly, the Act seeks to balance the rights of shareholders as owners, and the duties of directors as managers of the company whose loyalty is to the company and not a single shareholder.