Invesco Assurance company placed under liquidation
Invesco Assurance Company has been placed under liquidation by the Insurance Regulatory Authority (IRA) following a decision by the High Court at Nairobi in Insurance Petition No. E155 of 2019.
Through a notice on Friday, the company was barred from issuing insurance policies and entering into new contracts o insurance.
“Invesco Assurance Company has been placed under liquidation through a decree of the court dated 6th February 2023 issued in the High Court at Nairobi in Insolvency Petition No. E155 of 2019,” said Godfrey Kiptum, the Insurance Regulatory Authority (IRA) commissioner of insurance and chief executive.
The High Court has further appointed the official receiver as the provisional liquidator
In 2019, Kinyanjui & Company Advocates had filed an Insolvency Petition against Invesco seeking, among other orders, that the insurer be liquidated to settle debts of more than Sh29 million.
The company had been sued by ten claimants over failure to offset Sh9 million payout despite a court order.
Principal Magistrate S.K Mutai had directed the insurer to pay Saleisio Kinyua Njagi, Gregory Mwaniki Karunga, Alisa Njeri, Jackleah Wangari, Nyaga Nthia, Alice Kageni, Emmaculate Wanjiru, Juliet Muthoni, Venessa Kambi and Nancy Muthomi a sum total of Sh9,007,570.50 plus costs and interests.
The ten were awarded the amount by the High Court after the judgement was arrived against the insurance firm on March 26, August 23 and September 11, 2019, respectively.
They said Invesco had previously issued them with cheques it knew would bounce due to insufficient funds.
“As at the date of this petition, it has failed and refused to pay or make reasonable payments of the decretal sums since the date of the decree as well as the statutory notice dated April 2, 2019,” petitioners told the court through a lawyer their lawyer.
The petitioners told the court they believed the company’s assets could liquidate the sum due to them in full.
