- Mobius Motors, Kenya’s automobile assembly company, has announced it’s going into liquidation
- The company, founded by British businessman Joel Jackson launched the first-generation Mobius II in Kenya in 2015
- A creditors’ voluntary insolvency notice was issued on Monday, with KVSK Sastry overseeing the liquidation
Kenya – Kenyan automobile assembly company Mobius Motors has announced that it is going into liquidation.
Mobius’s Director Nicolas Guibert issued a creditors’ voluntary insolvency notice on Monday, saying the decision followed a stakeholder meeting earlier in the day.
Liquidation involves closing a business and distributing its assets to claimants when it cannot pay its debts.
Guibert said KVSK Sastry has been appointed to oversee the liquidation process.
“At a meeting of the shareholders held on August 5, 2024, it was resolved to place the company under liquidation as per Section 393(1) (b) of the Insolvency Act and to appoint KVSK Sastry as the liquidator to wind up the company,” read the notice.
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Guibert added that a list of creditors and proxy forms will be released for inspection on Friday, August 9, at Mobius’s head office at the Sameer Business Park in Nairobi.
During liquidation, the remaining company assets are used to pay creditors and shareholders based on the priority of their claims.
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Mobius Motors was founded by British businessman Joel Jackson and its first car was unveiled in 2014.
However, the first-generation Mobius II was launched in Kenya in 2015.
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