The final chapter of a construction giant is being written in a courtroom. The Official Receiver has been ordered to immediately convene a meeting of creditors for Put Sarajevo General Engineering Company Limited to shed light on the liquidation of the once-mighty firm.

This directive is the judicial equivalent of demanding a headcount on a sinking ship. With debts mounting to over Sh800 million and silence from the liquidators, the High Court has stepped in to demand transparency. The order exposes the messy, painful disintegration of a company that once paved the nation’s highways, leaving behind a trail of unpaid bills and frustrated lenders.

A 45-Day Deadline

Justice Namisi of the High Court did not mince words. The court has given the Official Receiver a strict 45-day ultimatum to bring all creditors to the table and file a comprehensive report. This follows complaints from major creditors, including the law firm Hamilton, Harrison & Mathews, that they have been kept in the dark regarding the status of the company’s assets.

"The Official Receiver should therefore do all the necessary, including convening a meeting of all creditors and a report be filed in court," the judge ruled. This meeting is critical. It is the only mechanism for creditors—ranging from banks to suppliers—to know if they will recover even a fraction of their money or if the assets have evaporated into thin air.

• The Debt: The company collapsed under a weight of Sh800 million owed to various entities.
• The Creditors: Key claimants include the National Bank of Kenya (NBK) and legal firms.
• The Assets: The firm reportedly holds land and is awaiting payments from the Attorney General for past arbitration awards.

The Fall of a Giant

Put Sarajevo was not just another contractor; it was a titan of the Moi era. In the 1980s and 90s, its machinery was a ubiquitous sight on Kenyan roads, a symbol of infrastructure progress. Its collapse marks the end of an era and serves as a cautionary tale of how corporate giants can crumble when cash flow dries up and management exits.

The court was informed that the directors have since fled the country, leaving the mess for the receivers to clean up. This "ghost ship" status complicates the liquidation, as there is no one at the helm to answer for the missing funds or to assist in asset recovery.

The Fight for Scraps

For the creditors, this meeting is the last stand. The National Bank of Kenya, which extended credit for working capital, is fighting to recover millions in overdrafts and guarantees. Hamilton, Harrison & Mathews is chasing legal fees. The liquidation process is supposed to be orderly, but the silence from the receiver has bred suspicion and anxiety.

As the 45-day clock ticks down, the spotlight is now on the Official Receiver. The report filed in court will determine whether Put Sarajevo’s legacy is one of paid debts and a dignified exit, or a chaotic free-for-all that leaves its partners empty-handed.