@BdAfrica

Prime Bank takes transporter into administration - 2 weeks ago, 21:05

Patrick Alushula

Prime Bank has appointed an administrator for Midland Hauliers Limited Company after the transporter defaulted on its loan whose size was not disclosed.

The decision, enabled by the Insolvency Act 2015, was announced through the latest issue of the Kenya Gazette.

Prime Bank named Ponangipali Venkata Raman Rao as Midland’s administrator effective April 24.

The bank holds a floating charge — a claim on all assets of the transport firm in the event of insolvency.

The administrator is expected to manage Midland and keep its creditors updated on the company’s health and viable options to be considered including selling some or all of its assets.

Midland was established in 2001 and has a fleet of over 130 trucks operating in Kenya, Uganda, Tanzania and Rwanda, according to information on its website.

The transport company joins a growing list of firms that have gone into administration after failing to pay their debts.

Others that have suffered a similar ...
Read More


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