EXPERTS KENYA Kenyan businesses to shut down 7 months ago Samuel Post Views: 338 Kenya’s business sector has been projected to take a huge hit. As many as 46 businesses are at risk of liquidation.This could be as a result of the country’s insolvency laws. An estimated 46 firms currently face liquidation as a result of their inability to continue to handle their cost of operations. According to the Kenyan State Receiver Office, this number is more than double the figure recorded in 2015, as back then only 18 companies were faced with this challenge. The State Receiver Office also noted that companies grappling with court-sanctioned liquidations increased to 34 from 13 while those under voluntary liquidation grew to 12 from 5. This new and daunting development in Kenya’s business sector could be tagged to the insolvency laws that require financially troubled firms to be given time to recover through an administration procedure, with liquidation being the last resort. According to the East African, a media company covering news in East Africa: “Kenya’s state receiver Mark Gakuru said in February that there are rising cases where company owners obtain court injunctions to stall the administration process as they strip company of assets. As a result, authorities want to change the law to require company management to provide security equivalent to a portion of what is owed to creditors. The government is also making changes to the Insolvency Act to stop administration by receiver managers who take years to resolve a failed business while paying themselves thousands of dollars. The insolvency practitioners will also not get a blank cheque when seeking to extend the period of administration. The administrators will have to explain what they have done so far and how much recoveries they have been able to make to justify their pay.” Source: africa.businessinsider.com About Post Author Samuel I am a journalist specializing in gambling in Africa and around the world. I am particularly interested in stories about games and casinos. See author's posts SamuelI am a journalist specializing in gambling in Africa and around the world. I am particularly interested in stories about games and casinos. Facebook Twitter LinkedIn Email Print Tags: business down, Kenya, liquidations Continue Reading Previous Betting Firm Odibets Gifts First Winner In World Cup Ticket PromoNext Superstitions Related to Gambling Around the World More Stories EXPERTS WORLD NEWS iGG Day Two Recap: A Successful Summit Comes To A Close 6 hours ago Iwo Bulski EXPERTS UGANDA Esports Betting in Africa: Opportunities and Challenges 10 hours ago Samuel EXPERTS KENYA Kenya: New OCS To Combat Nakuru Gangs 1 day ago Szarlot EXPERTS HOT NEWS SOUTH AFRICA SA has made over R34 billion in Gross Gambling Revenue (GGR) 2 days ago Szarlot BETTING KENYA Get Started with Sports Betting in Kenya 2 days ago Szarlot EXPERTS WORLD NEWS Capitalising on iGaming: The Rise of Affiliate Programmes 2 days ago Tools BETTING KENYA How Kenyan Sports Betting Newcomers Are Becoming Popular 3 days ago Samuel BETTING KENYA How to Avoid Unhealthy Gaming Habits 3 days ago Szarlot EXPERTS KENYA Kenya Kwanza MPs To Defend Ruto’s Fiscal Reform Agenda 6 days ago Samuel EXPERTS GHANA Convenient Payment Methods for Ghanaian Online Casino Enthusiasts 6 days ago Szarlot BETTING KENYA Esports Melbet betting – take a risk and win 6 days ago Szarlot BETTING KENYA Suspension of online casino services in Kenya 1 week ago Szarlot Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment * Name * Email * Website Save my name, email, and website in this browser for the next time I comment. Δ This site uses Akismet to reduce spam. Learn how your comment data is processed.