Nairobi, Aug. 17 -- Kenyans are avoiding filing for bankruptcy amid mounting debts and a rise in seizure and auction of defaulters' properties.
Official data shows that only four Kenyans filed for bankruptcy in the seven months to July, down from 10 in the same period last year and nearly 500 before 2015.
This comes in a period when auctioneers are reporting a glut of repossessed vehicles, land and homes, and office equipment are being sold off cheaply across Kenya in the wake of debt defaults.
Non-performing loans in the banking industry have more than doubled over the past five years to Sh379.9 billion in June.
Lawyers attribute the dip in bankruptcy filings to changes in the Insolvency Act in 2015, which tightened the process of seek...