This archive report was first published on 4 September 2019.
The High Court has directed Nakumatt Holdings (Under Administration) to hold a second creditors meeting, but the process has been delayed due to an ongoing financial audit.
According to the administrator, Peter Kahi, the audit firm, M/S Parker Randall Eastern Africa, is still reviewing Nakumatt's financial records for the years 2016/17, 2017/18, and 2018/19.
On March 2019, the High Court ruled that the administrator must ensure the hosting of the second creditors meeting once a clear financial position of the company and an audit had been undertaken.
Despite the current delays, Nakumatt has made significant business recovery and is now operating at a break-even level for four of its six branches, with two more expected to reach break-even by the end of the year.
The administrator, Peter Kahi, has confirmed that crucial suppliers have responded positively to his call for support, ensuring constant supplies to all branches with minimal stockouts.
‘We have petitioned the High Court for leave to postpone the second creditors meeting pending the completion of the crucial financial audit. This is an inadvertent last-minute development, as we had expected the process to be complete by now, to allow for the creditors engagement,’ Kahi said.
‘Creditors will be advised in due course of the new date for the meeting once we have received the audited accounts,’ he added.
