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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.
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