Vehicle and Equipment Leasing Limited has gone into administration, according to a notice published in the dailies on Wednesday.
The notice stated that the Official Receiver was appointed as the administrator of the company’s property by the directors of the company on Jan. 18, 2024, pursuant to the provisions of the Insolvency Act of 2015.
“By the said Appointment, the Company’s affairs are vested with the Official Receiver as the Administrator,” the notice read. “In accordance with Section 560 of the Insolvency Act, no action can be taken against the Company without consent of the Administrator or of the Court.”
The notice also informed that any claims against the company are required to be sent to the administrator through filing their Proof of Debts (Form No.5) on the website www.brsv2.ecitizen.go.ke.
The notice did not provide any details on the reasons for the company’s insolvency or the number of employees and creditors affected by the administration.
Vehicle and Equipment Leasing Limited (VAELL) is an independent asset leasing, maintenance and consulting company. Established in 2006, it has established itself as the foremost expert in asset and plant lease acquisition and maintenance, providing services in an array of sectors across the economy.
The company has a comprehensive network with fully fledged subsidiaries in five countries; Kenya (HQs), Uganda, Tanzania, Rwanda and Zambia. In addition to the five countries, it also has the ability to offer leasing services in over 20 other countries in Africa through off-shore structures.
The company’s extensive client list bears testimony to its ability to provide organizations of all sizes with invaluable leasing solutions that help them successfully compete and grow. Over the years, it has developed extensive experience across a wide range of industries such as manufacturing, mining, construction and energy, IT and telecommunications, retail, health, medical and pharmaceutical, education, general commercial, banking, finance and insurance, government and regulatory bodies, hospitality, and entertainment, according to its website.
The company claimed to have a fleet of over 1,000 vehicles and equipment, ranging from cars, trucks, buses, tractors, excavators, cranes, and generators.
The company also boasted of having a network of branches and service centers across the country and a team of qualified and experienced staff.
The administration of Vehicle and Equipment Leasing Limited is the latest in a series of insolvency cases that have hit the leasing industry in Kenya, amid the economic challenges posed by the COVID-19 pandemic and the high cost of credit.
