Explain How You Will Pay Debts,Ogoola Tells Kattos
Mar 15, 2004
JUSTICE James Ogoola, the head of the Commercial Court, recently ordered Thomas Katto and his son Patrick Katto to explain the true position and the contradicting statements on how to pay their creditors.
JUSTICE James Ogoola, the head of the Commercial Court, recently ordered Thomas Katto and his son Patrick Katto to explain the true position and the contradicting statements on how to pay their creditors.
Hillary Nsambu reports that this was during a case in which Bank of Uganda’s (BoU) lawyers were cross-examining Thomas Katto’s bankruptcy claims.
“The two petitioners, Thomas Katto and Patrick Katto must come to court on April 5 to explain their true position on their claims that they would want to make join proposals on how to pay their creditors,†the judge said.
Thomas Katto and his son, Patrick Katto, the former owners of the now liquidated International Credit Bank (ICB), have since last year failed to make any proposals to court as to how they would pay all their creditors.
The two former bank owners are indebted in about sh10b, had petitioned the Commercial Court requesting to be declared bankrupt.
Ends
Hillary Nsambu reports that this was during a case in which Bank of Uganda’s (BoU) lawyers were cross-examining Thomas Katto’s bankruptcy claims.
“The two petitioners, Thomas Katto and Patrick Katto must come to court on April 5 to explain their true position on their claims that they would want to make join proposals on how to pay their creditors,†the judge said.
Thomas Katto and his son, Patrick Katto, the former owners of the now liquidated International Credit Bank (ICB), have since last year failed to make any proposals to court as to how they would pay all their creditors.
The two former bank owners are indebted in about sh10b, had petitioned the Commercial Court requesting to be declared bankrupt.
Ends