Nairobi Business Ventures Faces Liquidation Over KSh5m Debt

NBV will delay publication of its March 2021 financial results to 31 August 2021 following delays occasioned by its recent proposed acquisitions.

Shoe and leather accessories retailer, Nairobi Business Ventures Limited (NBV), has been ordered by a court to pay KSh5.2 million to Greenhills Investment Limited or face liquidation.

Nairobi’s Commercial and Tax Division Court issued the insolvency notice to be paid within 21 days.

The notice issued on December 2, 2020.

“Take notice that within 21 days after service of this notice on you, excluding the day of such service, you shall pay to Greenhills Investment Limited the sum of Sh5,238,436.70 (includes rent and interest to date) November 19, 2020, claimed by Greenhills Investment Limited,” the insolvency notice E068 of 2020 states.

“You shall secure or compound for the said sum of Sh5.2 million to Greenhills Investment Limited’s satisfaction or to the satisfaction of the court; or you shall satisfy the court that you have a counter-claim, set-off or cross-demand against Greenhills Investment Limited,” the document says.

In November, the troubled retailer listed an additional 415 million shares at the Nairobi bourse. This follows the completion of its restructuring process and the subsequent onboarding of Delta International (FZE) strategic investors who bought an 84 per cent majority stake.

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