Bernard Kihiu Magothe through his lawyer Njoroge Baiya & Company advocates have filed a lawsuit against Africa Merchant Assurance Company (Amaco), an insurance firm, seeking its closure.
The Gazette Notice No. 1929, however, does not disclose why the petitioners want Amaco dissolved.
The petition for the liquidation of Amaco (Petition NO. E008 of 2020) came up for mention in the High Court on the 2nd March 2020.
“The petition for the liquidation of the above-mentioned company by the High Court was on March 2, 2020, presented to the said court by Bernard Kihiu Magothe, is directed to be heard by the High Court sitting in Nairobi on April 17, 2020,” the notice read in part.
This is not the first time the firm has found itself in trouble, on November 7, 2019, Ms. Beth Wairimu Kahara and six other petitioners filed a similar suit accusing it of failing to settle claims. They later withdrew the case.
According to the Insurance Regulatory Authority’s (IRA) 2019 report, Amaco – along with Invesco Assurance – closed the year with the highest cases of customer complaints due to delayed settlement.
The petition filed by Bernard Magothe, through Njoroge Baiya & Company Advocates, is a fresh attempt to initiate the AMACOs liquidation process.
“Any creditor or contributory of the said company desirous to support or oppose the making of an order on the said petition may appear in person of by his advocate for that purpose,” the Notice said.
