By Spy Uganda
Kampala: Jomayi Property Consultants Ltd, one of Uganda’s pioneer real estate firm has been sent into liquidation after NC Bank’s unsuccessful attempt to recover UGX 868,250,000 from the company
Subsequently, the bank petitioned the court to declare Jomayi insolvent and unable to pay its debts.
The trouble began in 2018 when Ssemwogerere John Baptist, the registered owner of land Block 410 Plot 20 in Busiro, mortgaged it to NC Bank Uganda Limited to secure loans for Value Trading Stores Limited but defaulted on payment of its obligations to NC Bank which issued a notice of sale of the mortgaged property by public auction or private treaty.
Jomayi Property Consultants Ltd under Joseph Magandazi Yiga’s ownership, agreed to purchase a portion of this land, 50.2 acres, for 1.506 billion shillings from Block 410, with payment to be made in six installments of 251 million Shillings each.
Read Full Ruling Below
However, Jomayi failed to adhere to the payment schedule, leading to legal action by NC Bank for the recovery of outstanding amounts.
Despite a consent Judgment entered between the parties for Jomayi to pay NC Bank 925,250,000 shillings in 10 monthly installments, the company defaulted, resulting in the immediate demand for payment of the remaining 868,250,000 shillings, and subsequent insolvency proceedings as follows;
- A Declaration is hereby made that the Respondent, Jomayi Property
Consultants Ltd failed to comply with the statutory demand.
- A Declaration is hereby made that the Respondent, Jomayi Property
Consultants Ltd is indebted to the petitioner in the sum of eight hundred and
sixty-eight million two hundred and fifty thousand shillings (Ugx.
868,250,000/=). - A Declaration is hereby made that Jomayi Property Consultants Ltd is unable
to pay its debts and is insolvent. - An Order to wind up/liquidate Jomayi Property Consultants Ltd is hereby
issued.
5. The Costs of the Petitioner in this company cause will be met from the
proceeds of the winding up/liquidation process.
Since 2016 Jomayi property has lost its assets including Yiga Chambers, the company’s headquarters, along with land in Nalumunye, Wakiso District, a stone quarry in Mukono District were put up for sale to settle another commercial bank loan.
