Tropic Air Limited, a creditor of Old Mutual Insurance Kenya Limited, has issued a statutory demand to the debtor company to pay US$3 million within 21 days or face liquidation.
The demand, published in the dailies on Tuesday, January 16, 2024, states that the debt arises from a policy of insurance that Old Mutual Insurance Kenya Limited owes to Tropic Air Limited as directed by the Regulator.
The notice, filed in the High Court of Kenya at Nairobi, Commercial and Tax Division, under Insolvency Petition No. E004 of 2024, warns that failure to pay the sum claimed or to prove a counter-claim, set-off or cross-demand will result in Tropic Air Limited filing for a liquidation order against the debtor company.
“Tropic Air Limited being the amount due and payable under a policy of insurance and as directed by the Regulator, or the company must satisfy the Court that the company has a counter-claim, set-off or cross-demand against Tropic Air Limited which equals or exceeds the sum claimed by Tropic Air Limited and which the company could not set up in the action or proceedings in which the order was obtained,” the notice reads.
The notice also states that the demand was served on Old Mutual Insurance Kenya Limited on January 10, 2024, and that the 21-day period excludes the day of service.
“FURTHER TAKE NOTICE THAT failure to pay the afore-stated amount shall result in Tropic Air Limited filing for a liquidation order against your company,” the notice warns.
Old Mutual Limited (OML) is a premium African financial services group that offers a broad spectrum of financial solutions to retail and corporate customers across key markets in 14 countries.
Tropic Air Limited is a Kenyan aviation company that operates charter flights, helicopter services, and air ambulance services in East Africa and beyond. The company was founded in 1990 and is based in Nanyuki, Kenya.