Karuturi Limited liquidation to take longer

The liquidation of collapsed flower farm Karuturi will take longer as the search for a liquidator starts.

The court had on May 5th appointed Thoithi Muniu and Kuria Muchiru from PwC as the liquidation managers but have since requested to be dropped.

The two were appointed as the receiver managers for the flower farm after CFC Stanbic Bank moved to court to recover 400 million shillings lent to the flower farm.

Karuturi creditors are now expected to meet next week Saturday to appoint a new liquidator.

Creditors are expected to provide proof of debt as per the Companies Act.

In early May, Karuturi limited was officially closed, with receiver managers and liquidators moving in to wind up the farm.

This followed the lifting of a ban barring the sale of Karuturi’s assets and property to pay off its debts.

CFC Stanbic Bank placed Karuturi under receivership in February 2014 after the flower firm defaulted on repayment of its Ksh 400 million loan.