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| Business |
| High court nods to Mitco’s liquidation |
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by
Ephraim Munthali, 14 January 2005
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13:34:46
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The High Court in Blantyre on Wednesday ordered that Malawi International Transport Company (Mitco) close down.
This follows a petition the firm filed to the High Court on December 23, 2004 that it ceases its operations.
“It is ordered that Mitco be wound up by this court under the provisions of Companies Act (Cap.46.03 of the laws of Malawi),” says part of the order by justice Anaclet Chipeta.
Mitco’s winding up petition sourced from the court indicates that the firm has debts amounting to K128 million while its assets are valued at K20 million.
“The firm is unable to pay its debts,” said Mitco in the December, 2004 petition.
The company said its operations have virtually ground to a halt as a result of various problems.
Meanwhile, Raymond Davies of KPMG was on Wednesday appointed the company’s liquidator, according to High Court records.
Mitco’s lawyer Masauko Msungama of Beal and Dalken Associates told The Nation this week the firm is failing to operate efficiently due to huge debts accumulated over the years.
Mitco is a subsidiary of Admarc Investments Limited.
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