REPUBLIC OF KENYA
COURT OF APPEAL, AT KISUMU
CIVIL APPLICATION NO NAI 116 OF 1985
Madhupaper International Limited
versus
Kerr
(application from the High Court at Nairobi, O’Connor J, Civil Suit 3438 of 1985) December 16, 1985, Kneller, Nyarangi JJA and Gachuhi Ag JA delivered the following
Order of the Court.
Madhupaper International Limited, the company, manufacturers cartons, tissues and lavatory paper in the industrial area of Nairobi. Kerr and Cahill, the receivers and managers of the company are partners in the Nairobi firm of accountants, Peat Warwick, Mitchell and Company, and were appointed by the Kenya Commercial Bank Limited, the Bank, and its subsidiary, the Kenya Commercial Finance Company Limited, KCFC, a finance institution within the Banking Act (cap 488).
The company, according to its plaint and affidavits, imports a large amount of the raw materials for its business and to do this it has to use large amounts of foreign exchange. The National Bank of Kenya, the National, was i…