- KUSCCO borrowers face continued repayment obligations despite the organisation’s ongoing liquidation.
- Creditors have been asked to take formal steps to have their outstanding debts recognised.
- The winding-up process has placed fresh attention on the requirements for borrowers and creditors.
The Kenya Union of Savings and Credit Co-operatives Union Limited (KUSCCO) has directed all its debtors to continue servicing their loans as the organisation undergoes liquidation.
In a notice, liquidator Waithaka Ngaruiya instructed individuals and entities owing money to KUSCCO to maintain their regular monthly repayments in line with the terms of their existing loan agreements.
The notice clarified that the ongoing liquidation process does not suspend borrowers’ contractual obligations to repay their outstanding loans.
“All debtors of Kenya Union of Savings and Credit Co-operatives Union Limited (KUSCCO) are advised to continue paying their respective monthly instalments, as they fall due through the bank details as provided in the agreements between the debtors and KUSCCO,” the notice stated.
READ:
At the same time, the liquidator has called on creditors owed money by KUSCCO to formally submit their claims for consideration during the winding-up process.
Creditors have been instructed to file their proof of debt, detailing the amounts owed and providing the necessary supporting information, through KUSCCO’s registered head office or via email.
The designated email addresses are info@kuscco.com and liquidator@kuscco.com.
Physical submissions can be delivered to KUSCCO’s registered head office on the fourth floor of KUSCCO Centre along Kilimanjaro Avenue in Upper Hill, Nairobi.
The liquidator warned that creditors who fail to verify and lodge their claims risk being excluded from distributions made before their debts are formally established.
The notice outlines the obligations of both debtors and creditors during the liquidation process, with borrowers expected to continue repayments while those owed money by the organisation are required to submit formal claims to safeguard their interests.
By Obegi Malack
Get more stories from our website: Sacco Review.
For comments and clarifications, write to: Saccoreview@
Kindly follow us via our social media pages on Facebook: Sacco Review Newspaper for timely updates
Stay ahead of the pack! Grab the latest Sacco Review newspaper!
