INSURANCE REGULATORY AUTHORITY V. NEPTUNE CREDIT MANAGEMENT LTD & INVESCO ASSURANCE COMPANY LTD (UNDER STATUTORY) MANAGEMENT

RULING OF THE COURT

The Insurance Regulatory Authority (“the applicant”) comes before us under rule 5 (2) (b) of the rules of this Court seeking an order:

“THAT pending the lodging, hearing and determination of the intended appeal herein, there be a stay of execution of the ruling delivered by the superior court (Lady Justice Joyce Khaminwa) on the 17^th of October, 2008 in Nairobi Winding Up Cause No. 19 of 2007 (Milimani).”

In these proceedings, the applicant appears through the Commissioner of Insurance, Mr. Sammy Mutua Makove, who is the Chief Executive of the Authority and is represented by learned counsel, Ms. Lucy Muthoni Kambuni. The Winding up cause alluded to was instituted on 22^nd November, 2007 by M/S. Neptune Credit Management Ltd. (Neptune) who claimed that M/S. Invesco Assurance Company Ltd (Invesco) owed them in excess of Sh.14 million for services rendered since May, 2007. Neptune asserted that it had made demand for payment of the debt but Invesco was unable to pay and i…