Cooking gas firm Midland put under administration
Sunday, November 25, 2018 22:05
By VICTOR JUMA
Liquefied petroleum gas (LPG) dealer Midland Energy has been placed under the administration of consultancy firm Ernst & Young (EY), becoming the latest company to go under this year.
Midland joins Deacons East Africa, ARM Cement, Nakumatt Holdings and construction firm Spencon on the list of firms that have been placed under administration after failing to meet their obligations.
Midland has been selling six, 13 and 50kg LPG under the brand name MID GAS.
“Notice is given that Anthony Makenzi Muthusi and Julius Mumo Ngonga of Ernst & Young LLP, Kenya Re Towers, Upper Hill and of P.O Box 44286-00100, Nairobi, have been appointed as the joint administrators of Midland Energy Limited… effective November 16, 2018,” reads part of a Kenya Gazette notice.
“Following the appointment, all the affairs and business of the company are being conducted by the administrators. The powers of the administrators extend to all assets and undertakings of the company. The powers of the directors in terms of dealing with the company’s assets ceased.”
EY said any party having a claim against the company should provide written proof of the amounts owed on or before December 11, for consideration. Under the law, administration is meant to maintain a company as a going concern besides ensuring better recovery for creditors as a whole than would likely be the case if the firm were liquidated without first going through administration.
The law empowers administrators to take measures to rescue a company, with liquidation being the last resort.
If a distressed company is sold or part of its assets liquidated, administrators will first distribute the proceeds to secured or preferential creditors.
Midland is the latest to benefit from the law. Fashion retailer Deacons, for instance, went into voluntary administration of PKF Consulting last week.
Nakumatt also went into voluntary administration early this year after it was unable to pay its debt to suppliers and banks.
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