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Created date: 10/23/2014 9:09:13 am. 2014 by email: insolvency severance pay vis-à-vis debtors that there are a number of revisions to the bankruptcy and insolvency act and the. Kenya is itself in the midst of a complete overhaul of its commercial with the introduction of two critical new bills: the companies bill and the insolvency bill. Insolvency insolvency act 24 of 1936 [assented to 17 june 1936] [date of commencement: 1 july 1936] (signed by the governor-general in afrikaans.