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Huge debts choking efforts to revive distressed companies
About 22 companies were put under liquidation through direct appointment in the 2023-24 financial year, according to the Office of the Official Receiver.
Kenya’s financially distressed companies are grappling to secure a lifeline through ‘administration’ owing to their debts and late implementation of recovery measures, which pushed them into liquidation.
An administration process involves appointing an administrator to run a distressed company for one year with a possibility of extension by the court or selling it as a going concern to enhance its value for the benefit of its creditors.
