The liquidator of the Kenya Union of Savings and Credit Co-operatives (KUSCCO) has directed borrowers to continue repaying their loans as scheduled, even as creditors are asked to submit claims against the troubled cooperative.In a separate notice, Ngaruiya asked KUSCCO’s creditors to submit details of the amounts owed to them by filing proof-of-debt claims.
The liquidator warned that creditors who fail to prove their debts could be excluded from distributions made before their claims are verified.KUSCCO, the national umbrella body for savings and credit cooperatives, has been undergoing liquidation proceedings as the process seeks to establish its liabilities and recover outstanding debts.
