The Ukwala Supermarket Limited which has been under the liquidation process since 2019 has announced a final creditors meeting scheduled for December 20, 2024, as part of the process to conclude its liquidation.
In a gazette notice issued by the company’s liquidator, Peter Kahi, the meeting will be held virtually at 11:00 a.m. and is in accordance with the provisions of the Insolvency Act, 2015.
“Notice is given that a final creditor meeting of Ukwala Supermarket Limited (in Liquidation) (“the Company) will be held virtually on 20th December 2024 at 11.00 a.m., in accordance with the provisions of the Insolvency Act, 2015 for the following purposes,” the statement read.
Ukwala Supermarket Announces Final Liquidation Meeting
The primary agenda for the meeting includes:
- Providing a full update on the liquidation process.
- Presenting a detailed account of all liquidation activities.
- Voting on whether this meeting will mark the official conclusion of the liquidation.
- Any other business (AOB).
Creditors and members entitled to attend have been requested to confirm their participation by emailing [email protected] to receive the meeting’s virtual invitation link.
Further, the notice directed those unable to attend may appoint a proxy to vote on their behalf, with no requirement for the proxy to be a member of the company.
Additionally, the notice emphasized that the liquidator acts on behalf of the company without any personal liability.
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Ukwala Supermarket Limited entered liquidation following financial struggles, leading to insolvency proceedings filed in February 2019 under Insolvency Petition IP. E15 of 2019.
The company owed creditors around Ksh 1 billion and had a tax debt of Ksh 840 million.
In October 2024, the Registrar of Companies announced that Ukwala, along with 31 other companies would be dissolved.
The final creditors meeting is expected to end all activities and decisions relating to the company’s closure.
Similar Supermarkets that have been liquidated
This announcement marks a significant step in resolving the supermarket’s financial affairs and bringing the liquidation process to an end.
Besides Ukwala Supermarket, other major supermarkets that once enjoyed towering glory have suffered a similar fate of liquidation.
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In June 2023, the High Court ordered Tuskys Supermarket, once one of Kenya’s largest retail chains, into liquidation due to debt issues, with Tuskys owing nearly Ksh 20 billion to various creditors.
Similarly, Nakumatt Supermarket, once a leading retail chain in East Africa, faced the same predicament. The supermarket was officially liquidated by its creditors in January 2020.
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