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Monday, October 14, 2024 –Government of Kenya has announced dissolving Ukwala Supermarket Limited and 31 other local companies
The Nakuru-based Ukwala, in the registrar statement, will cease operations in December this year hence rendering thousands of staff who work their jobless.
The Registrar of Companies, Joyce Koech, in her notice, also invited any Kenyan who had opposing reasons as to why the mentioned companies should not be dissolved to show cause in line with the Companies Act.
‘’Pursuant to section 897(3) of the Companies Act, the Registrar of Companies gives notice that the names of the companies specified hereunder shall be struck off from the Register of Companies at the 11th October 2024 the Kenya Gazette notice 4589 expiries of three (3) months from the date of publication of this notice, and invites any person to show cause why the companies should not be struck off from the Register of Companies,’’ stated the Registrar.
Ukwala Supermarket, a once flourishing retail store with branches across the country, became the subject of business news in February 2019 when it applied for the liquidation of its assets in court over a sh1 billion debt that it owed its creditors.
The supermarket also owed the taxman sh 840 million in taxes at the time of the application for the liquidation order and also faced an inability to meet its financial obligations to creditors, suppliers, and employees among other creditors.
