Court orders Nakumatt to take action against its 90 creditors

Kenya’s High Court has ordered Nakumatt Holdings to serve all its 90 creditors with court documents in their insolvency case after the troubled retailer applied for an administration order in the same court on Monday.

The regional franchise proposed the appointment of Peter Kahi of PKF Consulting Limited as an independent administrator to perform his functions in the interests of its creditors.

The move by Nakumatt was after most of its creditors, denied it a chance to table a fresh debt settlement plan in 60 days.