Home Africa, a real estate firm grappling with substantial debt, has entered administration following prolonged financial challenges. According to a gazette notice dated July 23, 2024, the company’s directors have been stripped of their rights to manage or transact with the company’s assets.
Messrs Kamal Anantroy Bhatt and Dhir Kamal Bhatt of Anant Bhatt LLP have been appointed as Joint Administrators, effective May 13, 2025. This move is in line with Section 563(2)(b) of the Insolvency Act, 2015 of Kenya.
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Previously, Home Africa had sought to address its financial woes through various measures, including establishing a committee for debt restructuring, business continuity, and organizational restructuring. The company attempted to mitigate its financial difficulties by selling off assets such as housing units and land. Despite these efforts, the firm still struggled to manage an outstanding Sh79 million loan from I&M Bank.
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The company’s directors had planned to sell housing units from the Mitini Scapes Development in Kiambu and Lake View Heights in Kisumu as part of their debt restructuring strategy. However, with the new administration in place, those with claims against the company are now advised to submit their claims to the administrators for review. The appointment of the administrators means that the directors no longer have authority over the company’s assets or management.
In 2016, Home Africa announced a strategic shift from focusing solely on real estate development to incorporating property management and real estate agency services into its business model.
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