KAMPALA, Uganda (UG Standard) — Uganda’s Court of Appeal on Tuesday temporarily blocked NC Bank Limited’s effort to liquidate Jomayi Property Consultants, a real estate firm struggling with a 1 billion shilling debt.
Judge Christopher Gashirabake granted Jomayi’s request for a stay of execution, citing “triable issues” in the company’s appeal.
The ruling provides temporary relief for Jomayi, which had been facing financial difficulties and client complaints over unpaid land titles and substantial debts.
NC Bank had sought to wind up Jomayi in 2020, citing unpaid debts. High Court Judge Michael Elubu initially granted the application, but Jomayi appealed.
Gashirabake’s ruling noted that liquidating Jomayi would cause irreparable harm, threatening the company’s existence beyond financial losses.
Jomayi, once a leading real estate company in Uganda, has faced numerous client complaints and financial struggles.
NC Bank officials declined to comment on the ruling.
