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Creditor to pay trader Sh860,000 for rushed sale of lorry in debt row
A Tribunal awarded a trader Sh860,000, representing his lorry's forced sale value, less an outstanding loan balance of Sh147,000, plus interest from the date of repossession.
A micro-lender, MyCredit Limited has been ordered to pay a Homa Bay county-based businessman Sh860,000 for the rushed sale of a lorry that had been charged as security of a loan defaulted by the trader.
The Micro and Small Enterprises Tribunal said the creditor unfairly rushed to repossess and sell Lawrence Jagiro Otieno’s lorry at below market price without giving him sufficient notice and hearing.
