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Sk macharia declared bankrupt
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McReggae
#41 Posted : Monday, January 31, 2011 3:14:31 PM
Rank: Elder

Joined: 6/17/2008
Posts: 23,365
Location: Nairobi
Sober wrote:
Forester wrote:
and how RMS made serious cash in the SMS 2929?Him being bankrupt is a plain gimmick!



sometimes the rich ensure they are declared bankrupt in order to save in terms of various tax waiving.


You would not want to be declared bankrupt, you lose the control of your empire!!!!
..."Wewe ni mtu mdogo sana....na mwenye amekuandika pia ni mtu mdogo sana!".
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selah
#42 Posted : Monday, January 31, 2011 3:48:16 PM
Rank: Elder

Joined: 10/13/2009
Posts: 1,950
Location: in kenya
Ocean Freight director Mr Waithaka claimed the couple defrauded him by “selling to him a letter of allotment” without informing him on the outset that he was to process his own title.
The transfer of the asset could also not be effected without the signature of the allotee, Mr Macharia’s wife.

excerpt from business daily

Tried to con a more clever guy.
'......to the acknowledgment of the mystery of God, and of the Father, and of Christ; 3 In whom are hid all the treasures of wisdom and knowledge.' Colossians 2:2-3
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Obi 1 Kanobi
#43 Posted : Monday, January 31, 2011 4:15:29 PM
Rank: Elder

Joined: 7/23/2008
Posts: 3,017
Robinhood wrote:
SK may refuse to pay and I doubt you will take him anywhere. But once his friends are out of power...


The problem is if he is declared bankrupt and you deal with him and he refuses to pay you, you have no recourse in law.

So SK will have to trade in cash. If he sits on a board of a company, the other directors will be held personally responsible for his actions. e.t.c

He happens to be a council member of UON, has he resigned yet?
"The purpose of bureaucracy is to compensate for incompetence and lack of discipline." James Collins
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kadonye
#44 Posted : Monday, January 31, 2011 10:21:09 PM
Rank: Elder

Joined: 5/30/2009
Posts: 1,390
SK and wife have moved to court to reverse the bankruptcy judgment.

They say they are ready to deposit the amount in dispute with the court(43million?)to show their ability to pay.

SOURCE:CITIZEN PRIME TIME NEWS
What a wicked man I am!The things I want to do,I don't do.The things I don't want to do I find myself doing
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Wendz
#45 Posted : Tuesday, February 01, 2011 11:34:59 AM
Rank: Elder

Joined: 6/19/2008
Posts: 4,268
McReggae wrote:

You would not want to be declared bankrupt, you lose the control of your empire!!!!


True... actually, they can put it under liquidation.... Even if the company and proprietor are treated as separate entities by law, in some circumstances, the law allows the "unveiling" of company to get to the directors/those behind the company.
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simonkabz
#46 Posted : Tuesday, February 01, 2011 8:15:02 PM
Rank: Elder

Joined: 3/2/2007
Posts: 8,776
Location: Cameroon
Its amazing how a mere 500k has snowballed into a 34m liability following a suspect 17% interest compounded monthly....I also gather SK had deposited the disputed 500k with the courts n a further 900k as a show of good faith back in 2000(?). So, who's fooling who? Is Wa-ithaka holding an ace up his sleeve to reap an easy fortune out of 500k?....talk of ua money working 4u lol...
TULIA.........UFUNZWE!
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kadonye
#47 Posted : Tuesday, February 01, 2011 9:47:15 PM
Rank: Elder

Joined: 5/30/2009
Posts: 1,390
Now SK deposits 34.8m with the court pending the resolution of the case.
What a wicked man I am!The things I want to do,I don't do.The things I don't want to do I find myself doing
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