Regional transport company Multiple Hauliers (EA) Limited has been put under administration over Ksh 14 billion debt owed to several creditors.
Mr Anthony Makenzi Muthusi and Julius Mumo Ngonga of the Consultancy Ernst & Young have been appointed as the joint administrators with effect from June 7, 2021.
“The powers of the Administrators extend to all assets and undertakings of the Company. By virtue of the Administration, the powers of the directors in terms of dealing with the Company assets have ceased. The Administrators have total control over the business assets and management affairs of the Company with personal liability,” said Multiple Hauliers in a public statement.
Among the creditors, Prime Bank owed Ksh 807 million as of 2017. The lender had issued Multiple Hauliers with a Ksh300.9 million overdraft and separate loans of Ksh 178 million, Ksh 269 million and Ksh 60 million.
Multiple Hauliers has a presence in Kenya, Uganda, Tanzania & Rwanda.
What does it mean when a company is placed ‘under administration’?
