Rank: Member Joined: 1/22/2015 Posts: 682
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obiero wrote:wukan wrote:obiero wrote:maka wrote:hardwood wrote:http://www.businessdailyafrica.com/corporate/Nakumatt-fights-to-stop-auctioneers-in-TRM-rent-war/539550-3997462-uyivd1z/index.html
Quote:Retail chain Nakumatt’s troubles have deepened after one of its creditors, Thika Road Mall (TRM), attached large amounts of the supermarket’s goods and equipment seeking to recover Sh51 million in rent arrears.
TRM, through Moran Auctioneers, seized a number of Nakumatt’s assets, including six moving trucks, 400 customer trolleys, office furniture, ovens and other electrical appliances, forcing the retailer to rush to court for an order temporarily suspending the auction.
Waah free fall...
Rent lazima walipe.. Hope the court hears none of the nonsense
Kifo cha nyani moment...TRM does not want to be caught up with Section 472 and 481
Quote:If a person (whether or not a landlord or person entitled to rent) has distrained on the property of the company during the three months immediately preceding the date of the liquidation order, that property, or the proceeds of its sale, is charged for the benefit of the company with the preferential debts of the company to the extent that the company's assets are for the time being insufficient to satisfy them.
Quote:the creditor is not entitled to retain the benefit of the execution or attachment against the liquidator unless the creditor has completed the execution or attachment before the commencement of the liquidation
Sad that this monkey is another victim of the interest rate cap it can't access credit to keep it running. Other monkey firms will go down with this monkey.
Credit runs the economy, if Nakumatt of all companies is being denied credit, what about Simo wa carwash or Jane wa Abuja braids
Let's not bring Jubilee into this matter. Nakumatt is where it is because of poor debt management. You want them to seek more debt to pay off bad debt? Business would become insolvent before the year is out.
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