Through the Business Registration Service (BRS), the Government published nearly 220 names of individuals indebted to eight collapsed companies.
In a notice dated Tuesday, November 8, BRS emphasised that the individuals and some entities were yet to settle their debts against the companies in liquidation.
The service, as a result, gave the individuals up to December 31, 2022, to meet insolvency officials and outline their modes of payment.
BRS threatened to take necessary action to ensure that the loans were repaid in full.
"The Official Receiver in Insolvency, in the exercise of powers of the liquidator ... hereby issues notice to the debtors mentioned hereunder, or their legal representatives or assigns, to visit the office of the Official Receiver in Insolvency at 17 Floor, 316 Chambers, 2nd Ngong avenue, Nairobi on or before 31 December 2022 for purposes of discussing settlement of debts owed to the companies listed hereunder...
"...failure to which the Official Receiver shall initiate procedures to recover amounts owing from securities held by the exercise of its statutory power of sale," read the statement in part.
The development came weeks after the Registrar of Companies announced plans to strike a total of 114 companies off its list.
In its notice, the Registrar of Companies announced that all individuals who contested the companies' intended dissolution had three months to lodge their complaints.
"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 expiry 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," read the statement in part.
Over recent months, the economy has been on the downturn, recording a dip of 5.2 per cent in the second quarter of 2022, as per the Kenya National Bureau of Statistics (KNBS).
The decline, the fourth quarter in a row, was attributed to poor agricultural yield caused by poor rainfall and a spike in inflation that reduced purchasing power.
