Nakumatt creditors have dismissed a decision by the high court to extend its administrators reign for one more year. Yesterday Justice Mary Kasango of the High Court extended Peter Kahi's reign as Nakumatt Holdings administrator for one year to January 22, 2019. The ruling was a reaction to an insolvency petition by Nakumatt creditors Primrose Management, Sunmatt, Compulynx, and Jade Concepts. According to Kahi, If Nakumatt is liquidated or sold, the administrators will first distribute the proceeds to secured or preferential creditors. Three months later, he convened a creditors meeting to vote on his proposals on how to revive the Supermarket.

Source: The Star March 06, 2019 08:26 UTC