It was hoped to be the significant milestone in its recovery plans. After Kimani’s exit, the retailer hired Peter Kamau, an operations consultant, as an adviser to help implement its recovery plans. Winding up ordersThe presiding judge gave the directions after considering that the suit was filed when the new Companies Act had not come to force. “Unlike the previous legislation, the Act seeks to redeem insolvent companies through administration as opposed to liquidation. 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.

Source: Standard Digital June 19, 2016 17:03 UTC