Companies
Monday, December 24, 2018 2:06
By VICTOR JUMA
More companies sought protection from the Insolvency Act 2015 this year as their operations crumbled amid a large debt pile-up, staving off liquidation that was previously triggered by default.
The firms that went into voluntary or forced administration are supermarket chain Nakumatt Holdings, liquefied petroleum gas (LPG) dealer Midland Energy, ARM Cement and fashion retailer Deacons East Africa.
They join early adopters of the insolvency law like construction firm Spencon Kenya Limited, which was placed under administration in 2017.
Administration is meant to maintain a company as a going concern besides ensuring better recover…
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