By BENSON WAMBUGUMore by this Author Under the laws of Kenya, bankruptcy is the declaration made against a person by a court after it is found that the individual is unable to meet his or her financial liabilities. Kenyan Bankruptcy laws are governed by the Bankruptcy Act Cap 53. Confusion arises between insolvency and bankruptcy.…
HYDERABAD: The National Company Law Tribunal (NCLT), in a rare move, decided to reject the insolvency petition filed by a corporate in the ‘interest of the nation’ despite the company and lenders pleading liquidation while claiming to have explored available options. Rejecting the petition filed by Anrak Aluminium, a joint venture between India’s Penna Cement…
The Independent Electoral and Boundaries Commission (IEBC) has gazetted five additional names of Presidential candidates to take part in the October 26th repeat election. IEBC Chairperson Wafula Chebukati has added Thirdway Alliance’s Dr Ekuru Aukot, Tunza Alliance’s Abduba Dida and Independent candidates Joseph Nyagah, Michael Wainaina and Japheth Kavinga. The five will join President Uhuru…
NEW DELHI: Ultra Homes -an Amrapali Group company -has gone in for insolvency resolution.Bank of Baroda, one of the lenders to the commercial project in Greater Noida, had moved the National Company Law Tribunal to recover its dues. The principal bench of NCLT, Delhi, issued the order on the lender’s plea. The tribunal appointed Sanjay…
By BENSON WAMBUGUMore by this Author Paul Ngei: Post-independence Cabinet minister and one of the celebrated Kapenguria Six was the first Kenyan politician to be adjudged bankrupt on June 14, 1990. Numerous business ventures failed and trappings of power disappeared and Mr Ngei was forced to resign in 1991. Thereafter, his health began to fail…
By KIPCHUMBA SOMEMore by this Author The Sh500 note was named after him when it was first released in the early 1990s by the Central Bank of Kenya but this week he had run out of money. Mr Cyrus Jirongo, former Lugari MP and a presidential candidate in the August 8 General Election, was declared…
Kenya’s electoral commission has gazetted additional names of candidates for the repeat presidential elections slated for October 26. The Independent Electoral and Boundaries Commission (IEBC) chairman Wafula Chebukati listed Dr Ekuru Aukot, Mr Abduba Dida, Mr Joseph Nyagah, Mr Michael Wainaina and Mr Japheth Kavinga as candidates joining President Uhuru Kenyatta of Jubilee and Nasa’s…
A husband-and-wife financial adviser team have been barred from the profession after blowing millions of pounds on luxuries, including cosmetic dental treatment and flying lessons, despite their firm being declared insolvent after it mis-sold endowment policies. John and Colette Chiesa, founders of Westwood independent financial planners in Lanarkshire, were banned from working in financial services…
Mumbai: LIC Housing Finance (LICHF) has filed an application at the National Company Law Tribunal (NCLT) to initiate insolvency proceedings against DB Realty. The developer, in a notice to the stock exchange, said that the matter is pending in the NCLT and settlement talks are on between LICHF and DB Realty. The application pertains to…
Lufthansa Group has agreed to buy major parts of insolvent Air Berlin, including Austrian subsidiary Niki, regional unit Luftverkehrsgesellschaft Walter (LGW), along with an additional 20 aircraft, Air Berlin announced Thursday. According to Air Berlin, the 210 million purchase guarantees the preservation of all jobs at Niki and LGW and opens the prospect of employment…