City businessman loses bankruptcy case
A Kampala businessman, Steven Kavuma, has lost a case in which he had sought to be declared bankrupt over a sh2b debt. Kavuma, one of the proprietors of Club Silk, petitioned the High Court, arguing that he could not pay his debts.
A Kampala businessman, Steven Kavuma, has lost a case in which he had sought to be declared bankrupt over a sh2b debt. Kavuma, one of the proprietors of Club Silk, petitioned the High Court, arguing that he could not pay his debts.
He said he was too indebted to pay his creditors. Justice Elizabeth Musoke on Monday dismissed the case after Kavuma and his lawyer failed to appear in court to defend the petition.
The banks and other complainants were represented by Ronald Oine, John Kanyereza and Richard Rugambwa.
According to court records, Kavuma owes the money to Stanbic Bank, Barclays Bank, Cairo Bank, Proscoe a Micro finance, Joel Rubdukwa, Eva Nanyonga, Karim Lalani, Kaaya Kavuma, and another person only identified as Ssebudde.
Kavuma said in addition to the sh2b he also owes city businesswoman Grace Kavuya sh138.5m which he is also unable to pay.
Kavuma was in July sent to Luzira civil prison for failing to pay back sh138, 544,780 to Kavuya which he reportedly borrowed in 2008 to run his business.
He recently lost a dealership of the telecommunications company ZAIN which attached his property over accumulated debts.
He said he was too indebted to pay his creditors. Justice Elizabeth Musoke on Monday dismissed the case after Kavuma and his lawyer failed to appear in court to defend the petition.
The banks and other complainants were represented by Ronald Oine, John Kanyereza and Richard Rugambwa.
According to court records, Kavuma owes the money to Stanbic Bank, Barclays Bank, Cairo Bank, Proscoe a Micro finance, Joel Rubdukwa, Eva Nanyonga, Karim Lalani, Kaaya Kavuma, and another person only identified as Ssebudde.
Kavuma said in addition to the sh2b he also owes city businesswoman Grace Kavuya sh138.5m which he is also unable to pay.
Kavuma was in July sent to Luzira civil prison for failing to pay back sh138, 544,780 to Kavuya which he reportedly borrowed in 2008 to run his business.
He recently lost a dealership of the telecommunications company ZAIN which attached his property over accumulated debts.