Economy
State moves to seize SK Macharia assets in bankruptcy order
Monday October 05 2020
Businessman SK Macharia. FILE PHOTO | NMG
Summary
- The High Court in 2001 ordered Mr Macharia to repay the debt with an annual interest of 19 per cent that is compounded monthly from December 1986 following the botched land deal.
- Mr Macharia ignored the ruling until 2008 when Mr Waithaka served him with bankruptcy notices.
- The High Court judges said the debtors failed to settle the amount despite bankruptcy notices having been issued to them.
- At the Court of Appeal, the judges ruled that Mr Macharia and his wife challenged the court ruling on the existence of the debt instead of the bankruptcy suit.
…
Read the full article at: https://www.businessdailyafrica.com/bd/economy/state-moves-to-seize-sk-macharia-assets-in-bankruptcy-order-2457114
