PATRICK Katto and his father, Thomas Katto, may abandon their bankruptcy petitions that are proceeding in the Commercial Court.
The two, who formerly run the International Credit Bank (ICB) that is now in liquidation, have requested court for some time to enable them come up with a proposal to their creditors on how they could combine to settle their debts that are in billions of shillings.
Some time in 2002, the Kattos individually petitioned the court seeking declarations that they are unable to pay about sh10b to their creditors that include their former bank in which Thomas Katto was the managing director and Patrick Katto one of the directors.
According to their declared statements of affairs, they are mostly indebted to ICB, Nile Bank, Dresdner Bank Marienplatz Ravensburg, Non Performing Assets Recovery Trust and American Express Card.
Bob Kasango, the advocate for Patrick Katto, last week told Justice Stella Arach Amoko (left), that his client would request for a month or so to meet his father, Thomas Katto, so that they could explore possibilities of putting in a joint proposal to creditors
The lawyer said the delay in finalising the proposal was due to Thomas Katto being admitted to Nairobi Hospital where he has had an operation for prostate cancer.
Kattos Make U-Turn On Bankruptcy Plea