High Court Upholds Ecobank’s Foreclosure, Dismisses Emco Works’ Counterclaim Over Shs 395 Million Debt

N62m Debt: Maritime Firm Drags Allianz Energy to Court, Seeks Company’s Winding-Up - Newsmakers

Matilda Omonaiye/ A Federal High Court sitting in Lagos has been asked to compulsorily wind up Allianz Energy and Oilfield Support Limited over its alleged inability to pay an outstanding debt of N62.1 million owed to a maritime firm. The winding-up petition was filed by Pier Dredging and Marine Technologies Limited, which claims the debt […] The post N62m Debt: Maritime Firm Drags Allianz Energy to Court, Seeks Company’s Winding-Up appeared fir…

High Court Upholds Ecobank’s Foreclosure, Dismisses Emco Works’ Counterclaim Over Shs 395 Million Debt

The Commercial Division of the High Court has ruled in favor of Ecobank Uganda, affirming the bank’s foreclosure and sale of mortgaged property to recover Shs 395 million owed by Emco Works Limited. The decision also holds the company’s directors, Joseph Lujuza and Ponny Lusiba Kiwanuka, personally liable as guarantors of the debt. In a judgment delivered by Justice Stephen Mubiru, the court dismissed a counterclaim brought by Emco Works and its…