The High Court has set in motion a process of liquidating Cytonn Investment after it appointed an Insolvency practitioner as administrator of the property of Cytonn High Yields Solutions LLP.
In a court order issued on Wednesday October 6, Justice Alfred Mabeya appointed Kereto Marima, a licensed Insolvency practitioner, as administrator of the property of Cytonn High Yields Solutions LLP.
The court directed that the order be served to all creditors owed by the embattled company.
Cytonn Investment has been facing myriad of legal hurdles. In December 2020, a businessman filed a petition with the High Court asking the court to wind up the company.
In his petition, George Kirigi Thogo asked the court seeking liquidate the investment firm over failure to pay Ksh14 million upon maturity of funds.
The High Court invited more creditors or contributory to the said company to support or oppose the making of an order on the said petition.
Several creditors came calling, deepening the woes of the firm, that has since been flagged as unlicensed by the Capital Markets Authority (CMA).
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