BY SAM ALFAN.
Rentco East Africa Limited has moved to court seeking to stop the seizure and sale of it’s assets leased to troubled supermarket chain, Tuskys.
In a suit filed at the High Court, the company sought orders stopping Tusker Mattresses Limited, their agents or employees from possessing or proclaiming into the entering into the premises of the supermarket and taking away movable assets, properties, equipment leased to them.
The company also seeks an order severing from the Tusker Mattresses assets and liabilities, their movable equipment leased to them by virtue of a Master Operating Lease agreement dated July 23, 2019.
“A temporary injunction be issued against the Respondent by themselves, their servants, auctioneers, Receiver agents or Advocate, or any person acting under their instructions or any other Creditor by themselves or otherwise be restrained from selling by public auction or private treaty any proclaimed or attached movable assets/ properties / equipment leased to the Respondent by virtue of the Master Operating Lease Agreement dated July 23, 2019 Pending the hearing of this Application herein inter parties,” states the company in the application.
In addition, Rentco wants to be granted leave to repossess all specified movable equipment leased to the Tusker Mattresses by virtue of the said Lease.
They want the court to be pleased to grant them the orders sought to serve through the Nation newspaper and or Nation’s Business daily with wide circulation.
Rento argues that as a Lessor and owner of the leased equipment, it cannot be expected to have its property subjected to attachment proceedings in order to repay debts owed by the Respondent to other creditors.
The also state that other creditors have proceeded to court seeking compensation of their owing amounts from the Tusker and there is a very high risk that the Creditors may proceed to be granted orders that attach the leased equipment from the Applicant on the belief that the said equipment form part of Tusker assets.
“Failure to seek leave from the Honourable Court would baptize any action taken thereafter by the Applicant as an illegality,” adds Rentco.
According to them, having shown that the Agreement between them was valid and secured by a promissory, the Applicant should be granted leave to repossess all specified movable equipment leased to the Respondent as the said property belongs to the Applicant.
