THE STANDARD By
Frankline Sunday |
February 24th 2021 at 10:03:46 GMT +0300
The main entrance to collapsed supermarket chain Nakumatt s ex-head office off Mombasa Road in Nairobi
One of the banks seeking to auction a Sh2 billion property belonging to collapsed retailer Nakumatt over unpaid loans, has been cited for flouting the law.
The High Court has ruled that Bank of Africa failed to comply with the law by not serving other creditors with appropriate notice before initiating the process of the sale of Nakumatt’s former head office in Nairobi’s Industrial Area.
In a ruling delivered last week, High Court Judge Alfred Mabeya said the lender can, however, still proceed with the sale after serving the other lenders involved in the case with a notice of sale.