Mass Job Losses as 140 Companies Shut Down
The move was announced in a gazette notice on Friday...
✨ Key Highlights
Kenya faces significant job losses as 140 companies are closing down. An initial 60 companies have been dissolved, with another 80 slated for closure, impacting various sectors across the country.
- Hiram Gachugi, the Deputy Registrar of Companies, announced the closures via a gazette notice under Section 897(4) of the Companies Act.
- The dissolved companies can no longer conduct business or enter legal contracts, and their assets become bona vacantia, reverting to the state.
- The affected companies span diverse industries including technology, healthcare, shipping, real estate, education, and energy, with reasons for closure potentially including failure to file annual returns or inactivity.
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