Joy Vipinchandra Bhatt of Moore JVB Consulting LLP has been appointed as the administrator of Lipa Later, a pay-later fintech startup that has been struggling with debt.
According to a notice dated March 11, 2026, Joy Vipinchandra Bhatt assumed control of the company’s assets and management of its affairs upon appointment.
“Lipa Later Limited, the Kenyan buy-now-pay-later fintech, has been under administration since 24 March 2025 following the appointment of Joy Bhatt of Moore JVB Consulting LLP as Administrator under the Insolvency Act, 2015,” read part of the notice.
Therefore, the powers of the Lipa Later directors to deal with or transact using the firm’s assets will henceforth be approved by Joy Vipinchandra Bhatt. Joy Bhatt will also direct all operational and business matters relating to the company.
Administrator Appointed to Take Over Lipa Later Assets Amid Mounting Debts
According to the notice, the creditors of Lipa Later were given until April 23, 2025, to submit claims, as employees and suppliers have reported non-payment since late 2024.
Regarding the mounting debts, London-based Africa Foresight Group sued Lipa Later for an unpaid $13,516 consultancy fee, and the High Court ruled against Lipa Later in December 2024, citing internal emails admitting the debt.
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On October 21, 2025, Justice Francis Gikonyo of the High Court ruled that no person or entity should collect payments owed to the company except the administrator.
The order prevented Lipa Later entities, such as Rubicon Building LLP and Imfact Capital Solutions, from receiving company receivables while the matter remains before the court.
Joy, as the new administrator, was also directed to account to the court and relevant parties for any receivables collected during this period.
Meanwhile, the case is currently before the High Court of Kenya, with a ruling on the administration scheduled for April 30, 2026.
High Court Dismisses Lipa Later Non-Compete Claim
The High Court previously dismissed Lipa Later’s Ksh10 million non-compete claim against a former senior manager who left the company to join a rival firm.
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In its ruling, the court argued that Lipa Later failed to demonstrate any measurable financial loss resulting from the employee’s departure, noting no evidence of lost clients, diverted business, reduced revenues, or market disruption attributable to the former manager’s departure.
The high court also rejected allegations that the former manager had poached staff, shared confidential information, or used insider knowledge to benefit the competing firm, adding that suspicions or assumptions cannot replace concrete evidence.
“While such clauses may be valid on paper, courts will only enforce them where an employer can show that the restriction is reasonable and that its breach caused real, demonstrable damage,” read part of the ruling.
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