Tough times continue to affect the Kenyan economy after over 100 companies applied for dissolution while 73 others were struck off the registration list effective Friday last week.
In a Gazette Notice dated Friday, May 17, and signed by the Registrar of Companies Joyce Koech, 72 of the companies struck from the list after a 30-day notice lapsed.
One company was deregistered for having a name too similar to another existing company.
"Pursuant to section 58 (6) of the Companies Act, 2015, it is notified for information of the general public that the Registrar of Companies has struck off the name of the following company from the Register of Companies for failure to comply with the direction issued under section 58 (1) of the Act," read the notice in part.
According to the Act, the companies registrar may direct a company to change its name if it has been registered by a name that is the same as or too similar to that of another company in the register.
The law provides that the company in question is ordered to change its name within twelve months or risk being struck off.
In two other notices, the registrar announced that 61 companies had applied for dissolution effective May 3, and 58 others had applied for dissolution on April 24, 2024.
"Pursuant to section 897 (3) of the Companies Act, the Registrar of Companies gives notice that the names of the companies specified hereunder shall be struck off from the Register of Companies at the expiration of three months from the date of publication of this Notice and invites any person to show cause why the companies should not be struck off from the Register of Companies," directed the registrar.
This comes days after experts expressed concerns over the Shilling's likelihood to perform poorly against the dollar in the coming days.
A report by Reuters explained that the local currency was projected to weaken due to high demand for the dollar by the fuel retailing companies.
According to foreign exchange experts, there was pressure on foreign exchange caused by fuel companies who demanded more Dollars to purchase petroleum from oil-producing countries.
The Shilling was also projected to weaken due to the recent gains by the Dollar witnessed in recent weeks that have caused several currencies to drop in value.
Earlier, we broke down in our flagship Newsletter, the Evening Brief, how some wealthy Kenyans had seen their homes put on auction.
In an edition of a daily last week, auction notices accounted for seven pages of property (mostly high-end flats and motor vehicles).
The most striking building from the line-up was the 7-storey Shelter Afrique House along Mamlaka Road that was put up for auction.
Separately, Garam Investments Auctioneers placed 78 apartments at the Greatwall Gardens in Machakos County on auction.
