3rd December 2022

Peter Kahi, Atul Shah Take over as Deacons Joint Administrators

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Kenya-based apparel retail chain Deacons East Africa has confirmed the appointment of joint administrators to help rescue the firm.
Peter Kahi and Atul Shah of PKF International have been confirmed to oversee the administration process after complying with the requirements under section 548 of the Insolvency Act.
“The Joint Administrators shall take control of the business, property, and management of the affairs of the company and exercise any and all powers available to them under the Fourth Schedule of the Insolvency Act,” said the company in a notice published in the Daily.
“As a result of the administration, the powers of the directors of the company in terms of transactions on behalf of the company and dealing with its property and its shareholders have ceased unless the Joint Administrators direct otherwise.”
PKF is a global network of consulting firms that offer services in the domains of assurance & advisory, taxation, corporate finance and – most pertinently – insolvency.
Kahi, a Partner at PKF Kenya, has an academic background in Commerce and is a Certified Public Accountant of Kenya. He also holds a number of other qualifications, including the title of Certified Fraud Examiner, Associate at the National Board of Accountants and Auditors in Tanzania, and a Licensed Insolvency Practitioner in Kenya.

Shah, is the CEO at PKF Eastern Africa, in addition to being the Director of PKF Consulting and a Partner at PKF Kenya. He is also the Chairman of PKF’s Africa Board, a Member of the PKF International Global Council and the Director of the PKF International Africa Board.

An MBA by academic background, Shah is also a Fellow of the Chartered Institute of Certified Accountants (CICA) in the UK as well as a member of the CICAs in Kenya, Uganda and Rwanda.
According to the notice, the Joint Administrators will reach out to all the shareholders of the company in the coming days in relation to their appointment.
Deacons shares are currently suspended from the Nairobi Securities Exchange (NSE).  
“The primary objective of placing the company under administration is to enable it achieve a better outcome for the creditors than would likely to be the case if the company were to be liquidated,” said Deacons CEO Muchiri Wahome in a statement.
Additional information from  Consultancy Africa