The Commercial Division of the High Court has issued an order for the winding up of Jomayi Property Consultants Limited due to its failure to settle a debt owed to NC Bank.
In the ruling, the court stated that Jomayi Property Consultants Ltd had not complied with the statutory demand. Consequently, it declared the company indebted to the petitioner in the sum of shs868250,000 million and deemed it unable to pay its debts, thus declaring it insolvent.
Represented by AF Mpanga Advocates, NC Bank had filed a petition on 4th March 2020, citing Jomayi’s failure to fulfill the payment despite a consent judgment dated 11th September 2019.
This event may signal the unfortunate demise of one of Uganda’s largest real estate companies, which has issued over 50,000 mailo land titles and sold more than 30,000 plots.
This isn’t the first legal setback for Jomayi Property Consultants. In 2016, the company faced the sale of several assets, including its office building in Old Kampala, a stone quarry in Bulingombe, Mukono District, and a piece of land in Nalumunye, Wakiso District, due to debts exceeding Shs1.5b acquired from Centenary Bank Limited.
Owned by Joseph Magandaazi Yiga, a prominent businessman and entrepreneur serving as managing director and chief executive officer, Jomayi Property Consultants has been active in the real estate sector for 17 years, focusing on land development within a 30Km radius around Kampala city in the central region.
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