Creditors of ARM Cement, which collapsed last year, will have a virtual gathering on January 31, 2023, to discuss the liquidation process, as per the letter from the liquidator seen by The Kenya Times.
This meeting is being held as per Section 413(1) of the Kenyan Insolvency Act 2015, which mandates that the liquidator must hold a meeting with creditors if the liquidation of a company extends for more than a year.
“In line with the above, notice is therefore hereby given that a Meeting of the Creditors of ARM Cement PLC (In Liquidation) will be held virtually on Tuesday, 31 January 2023 at 10.00 am. – 12.00 p.m. EAT,” Joint Liquidator George Weru said.
“The purpose of the meeting will be to lay before the meeting the account of the Liquidator’s acts and dealings, and of the conduct of the liquidation during the preceding year,” he added.
The cement maker was placed under administration on August 17, 2018, pursuant to Section 534 (1) of the Insolvency Act 2015 of Kenya (the Act).
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Subsequently, it was placed under liquidation from October 1, 2021.
Creditors wishing to join the meeting will either participate through a USSD code or a link.
“Creditors entitled to attend the meeting are entitled to appoint a proxy to attend and ask questions on their behalf,” it said.
“If the appointer is a body corporate, the instrument appointing the proxy shall be given under its common seal or under the hand of an officer or duly authorized attorney of such body corporate.”