While Jomayi enjoyed success and recognition in the real estate sector, its reputation suffered amid financial turmoil and legal battles.
Kampala, Uganda – In a dramatic reversal, the Court of Appeal in Kampala has temporarily blocked the liquidation of Jomayi Property Consultants, a struggling real estate giant, over a staggering 1 billion shilling debt.
The ruling, delivered by Judge Christopher Gashirabake, provides a temporary lifeline for Jomayi, which had been on the brink of collapse.
NC Bank Limited had sought to wind up Jomayi, citing unpaid debts accumulated since 2020. However, Judge Gashirabake deemed Jomayi’s appeal “triable” and halted the liquidation process.
“The balance of convenience is in favor of the applicant,” Gashirabake stated, emphasizing the potential for irreparable harm if Jomayi is liquidated.
Jomayi’s woes began with client complaints over unpaid land titles and substantial debts. Despite its once-prominent status in Uganda’s real estate market, the company’s financial struggles have sparked concerns.
The temporary reprieve allows Jomayi to continue operating while its appeal is pending. Industry observers see this as a critical turning point.
“This ruling gives Jomayi a fighting chance,” said Ronald Kasiita, a Kampala-based legal expert. “But the company must address its underlying financial issues.”
Jomayi’s future remains uncertain, but for now, the company has dodged liquidation.
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