×
The Standard e-Paper
Truth Without Fear
The Standard Group Plc is a
multi-media organization with investments in media platforms spanning newspaper
print operations, television, radio broadcasting, digital and online services. The
Standard Group is recognized as a leading multi-media house in Kenya with a key
influence in matters of national and international interest.
Uchumi Supermarkets’ fight for survival suffered a blow on Friday after a Nairobi court directed that the old Company’s Act could be used in an ongoing suit filed by its creditors.
The retailer lost the first round of a legal battle where it was seeking to have an insolvency case filed by suppliers heard and determined under the newly enacted legislation. The old Companies Act is hostile to struggling firms as it provides for express liquidation in case of default, while the newer laws allow such businesses to negotiate on repayment of outstanding debt.
Subscribe to our newsletter and stay updated on the latest developments and special offers!
join