- Rupsa Sacco challenges KUSCCO liquidators
- Sacco wants an independent insolvency practitioner
- Court case adds pressure to KUSCCO restructuring
Ruiru-based Rupsa Sacco has moved to the High Court to block three liquidators appointed by the Commissioner for Co-operative Development.
The liquidators were appointed for the Kenya Union of Savings and Credit Co-operatives (KUSCCO), the cooperative sector’s umbrella body currently under restructuring.
Rupsa Sacco, which is owed Ksh108.8 million by KUSCCO, wants an independent insolvency practitioner appointed instead.
The Sacco argues the State-picked liquidators could affect existing court orders preserving KUSCCO’s assets. It has also raised concerns over the independence of the liquidation process.
The case adds a fresh twist to the ongoing restructuring and liquidation of the cooperative sector’s umbrella body.
By our reporter
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