Creditors approve winding up of collapsed Abraaj Kenya

A firm overseeing local commercial interests of collapsed Dubai private equity firm Abraaj Group in Kenya has been wound up.

This is after creditors held a virtual meeting and unanimously voted to wind up Abraaj Kenya Advisers Ltd where Muniu Thoithi and George Weru were appointed as joint liquidators.

The meeting held on May 4 agreed that all unpaid bills be presented for settlement with each creditor expected to provide proof of goods and services rendered by June 15.

“Creditors are required on or before June 15 to send full particulars of all the claims they may have against the company to the joint liquidators and, if so required, by notice in writing from the joint liquidators, personally or by an advocate, they just come and prove their debts or claims,” it said.

The notice published in the dailies warned that any creditors failing to present claims risks being excluded from the planned payments. The liquidation of Abraaj Kenya Advisers Limited, said the notice, would not disrupt normal operations of any entity formerly affiliated to Abraaj Kenya Advisers Ltd.

In a gazette notice filed by the virtual meeting, conveners Ashish Patel (Abraaj Kenya managing director) and director Benjamin Ikenye said only creditors with verified claims would be allowed to vote on the consideration to wind up the firm.

Banks and asset-backed lenders also seeking payments must surrender their security or provide its proof, the date it was given and the estimated value at which it was assessed.

Secured creditors usually hold a fixed or floating charge over a business asset or assets that grant them priority on repayments when the said businesses go under.