NAIROBI, Kenya, July 7 – Glee Hotel has been placed under administration after Equity Bank appointed an administrator to take control of the hotel’s assets and operations as it seeks to recover an outstanding loan.
In a notice issued on July 6, Kamal Anantroy Bhatt of Anant Bhatt LLP was appointed administrator of Glee Hotel Limited under the Insolvency Act, 2015.
The appointment gives the administrator control over the company’s assets and management, with the powers of the hotel’s directors suspended for matters relating to the company’s assets and affairs.
The move follows the hotel’s failure to service a loan owed to Equity Bank.
Last month, the hotel’s proprietor, Mary Wambui, was given five days to pay Sh100 million to the lender in a bid to halt the recovery process and prevent the property from being sold.
The notice also invited creditors to submit claims against the company, together with supporting documentation, within 30 days for consideration by the administrator.
In addition, the directors have been directed to submit a statement of the company’s affairs to the administrator within 12 days.
Administration is an insolvency process aimed at protecting a financially distressed company while an administrator assesses options for restructuring the business or recovering value for creditors.
